Viacom Inc. said Tuesday net earnings fell to $449 million, or $1.13 per share during its fiscal first quarter, compared with $500 million or $1.20 per share during the same period a year ago. Adjusted earnings per share came in at $1.18, in-line with the FactSet consensus. Revenue for the quarter dropped to $3.15 billion in revenue, compared with $3.34 billion in the year-earlier period. Revenue came in below the FactSet consensus of $3.26 billion. Viacom Chief Executive, and newly named Executive Chairman Philippe Dauman said 2015 was challenging operationally as the company tried redesigning itself to adapt and compete in the shifting media landscape. Revenue for Viacom's media networks fell 3%, while its film studio saw a 15% decline, which the company said was due to tough comparisons. Domestic advertising revenue saw a 4% drop and internationally, ad revenue fell 2% because of the effect of foreign exchange, the company said. Shares of Viacom were inactive in pre-market trade.
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