by Christopher Freeburn | May 3, 2012 3:33 pm
Viacom (NASDAQ:VIAB) announced that sales rose 2% during its second fiscal quarter, reaching $3.33 billion.
The company posted profits of $585 million, up 56% from $376 million during the same time last year. Adjusted EPS was 98 cents, which beat analysts who expected 89 cents, according to the Associated Press.
Shares of Viacom rose more than 3% in Thursday afternoon trading.
The company reported a 5% rise in revenue from its TV networks, which include MTV and Nickelodeon.
Analysts continued to express concerns over a ratings drop at Nickelodeon, which has lost 30% of its viewers in recent quarters, the AP said. However the drop has yet to seriously impact the company’s results.
Paramount, which experience sluggish ticket sales for movies during the quarter, saw revenue fall 5%, but also improved its profit margin.
Source URL: http://investorplace.com/2012/05/viacom-profits-jump-shares-rise/
Short URL: http://invstplc.com/1fHLnc6
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.