Viacom posts quarterly profit despite weak film sales

Reuters

Viacom Inc on Thursday reported a decline in quarterly revenue on a sharp drop in movie box office sales, but its profit rose.

Viacom, the parent of cable networks MTV and Nickelodeon and movie studio Paramount Pictures, said net income for the fourth quarter ended in September was $643 million, or $1.24 per share, up from $576 million, or $1.00 per share.

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Revenue fell 17 percent to $3.36 billion. Analysts expected revenue of $3.4 billion, according to Thomson Reuters I/B/E/S. (Reporting by Jennifer Saba; Editing by Jeffrey Benkoe)