Viacom, Inc. (NASDAQ:VIA, VIAB) stock was hit hard on Friday following the release of its earnings report for its fiscal third quarter of 2017.
Revenue of $3.36 billion reported by Viacom, Inc. for its fiscal third quarter of 2017 didn’t help VIA stock today. This is up from its revenue of $3.11 billion from the same time last year. However, it couldn’t match Wall Street’s revenue estimate of $3.41 billion for the quarter.
Viacom, Inc.’s earnings per share for its fiscal third quarter of 2017 was $1.17. This is an increase over its earnings per share of $1.05 for its fiscal third quarter of 2017. It also came in above analysts’ earnings per share estimate of $1.06 for the quarter, but the poor revenue kept it from aiding VIA stock.
Viacom, Inc. reported operating income of $746 million for its fiscal third quarter of 2017. The entertainment company reported operating income of $769 million in the same period of the year prior.
Net earnings reported by Viacom, Inc. for its fiscal third quarter of 2017 was $680 million. This is better than the company’s net earnings of $432 million that was reported during its fiscal third quarter of the previous year.
“Every day we are working hard to reinvent Viacom and revitalize its brands for the future, and the early, tangible results are encouraging,” Bob Bakish, President and CEO of Viacom, Inc., said in a statement. “There remains much work to be done, but we will continue to build on this progress for our shareholders, partners and fans.”
VIA stock was down 8% and VIAB stock was down 10% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
