Viacom (NASDAQ:VIAB) posted first-quarter revenue that declined sharply from the year-ago period, as results from its movie segment disappointed.
The entertainment and media company’s profit increased to $470 million, or 92 cents a share, up from $212 million, or 38 cents a share. Results from the year-ago period were dragged down by $379 million in charges. Adjusted per-share earnings were down to 91 cents from $1.06.
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Revenue was down 16% to $3.31 billion.
Analysts were looking for earnings of 90 cents a share and revenue of $3.48 billion.
The company also said its domestic and worldwide advertising revenue were both down 6% in the first quarter, largely due to lower ratings. Filmed Entertainment revenue tumbled 37%, while theatrical revenue decreased 42%. Viacom said the timing and mix of releases negatively impacted movie results.
“Throughout the quarter, we kept our focus on creative excellence and strategic programming investment,” Philippe Dauman, president and chief executive of Viacom, said in a statement. “Our ongoing investments in programming continue to produce results, with positive ratings trends and growing consumer engagement in new hit content, despite difficult short-term comparisons based on the mix of film releases and the lingering effect of ratings softness last year.”
Viacom’s Class B shares were up 23 cents to $59.56 a share in early morning trading Thursday. The stock is up 26% over the last 12 months.