Viacom 2Q profits fall, but beats expectations
Viacom is reporting an 18 percent drop in second-quarter net income due to lower revenue, especially from its filmed entertainment division that includes Paramount Pictures.
That still topped Wall Street expectations, however.
Viacom on Wednesday posted earnings of $478 million, or 96 cents per share, in the January-March period. That's down from $585 million, or $1.07 per share, in the same period a year earlier.
Revenue fell 6 percent to $3.14 billion from $3.33 billion.
Analysts, on average, had expected earnings of 95 cents per share on revenue of $3.18 billion, according to FactSet.
Viacom Inc., based in New York, owns MTV, VH1, Comedy Central and other TV brands.
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