Jan 30 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
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.