Viacom revenue misses estimates due to fewer movie releases
Jan 30 (Reuters) - Viacom Inc reported lower-than-expected quarterly revenue due to a 30 percent drop in sales from its film entertainment division, which includes the movie studio Paramount Pictures.
Revenue from the film entertainment business fell to $681 million in the first quarter, partly due to fewer movie releases in the quarter. The company reported a 52 percent drop in revenue from theaters.
Viacom also owns cable networks MTV, Comedy Central and Nickelodeon.
Total revenue dropped 4 percent to $3.2 billion in the quarter ended Dec. 31. This came in below the average analyst estimate of $3.30 billion, according to Thomson Reuters I/B/E/S.
Viacom's net income from continuing operations rose to $547 million, or $1.20 per share, from $473 million, or 93 cents per share, in the same quarter a year earlier.
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