Viacom Beats Profit Expectations, But Misses On Sales

Viacom Inc. reported a fiscal second-quarter net loss of $53 million, or 13 cents a share, compared with a profit of $502 million, or $1.13 a share, in the year-earlier period. Excluding non-recurring items, such as a $784 million restructuring charge, the media giant said adjusted earnings per share were $1.16, beating the FactSet consensus of $1.06. Revenue fell 3% to $3.08 billion, missing the FactSet consensus of $3.25 billion, as weakness in its filmed entertainment business and a decline in advertising revenue offset an increase in media networks sales. Unfavorable currency movements reduced revenue by 2 percentage points. The stock, which was still inactive in premarket trade, has lost 4% year to date, while the S&P 500 has gained 2.3%.