Viacom, Inc. (NASDAQ:VIA,VIAB) has released its earnings report for its fiscal fourth quarter of 2016.
Viacom, Inc. reported revenue of $3.23 billion during its fiscal fourth quarter of 2016. This is down from its revenue of $3.79 billion reported during the same time in 2015. It also failed to meet the expectations of Wall Street, which had revenue coming in at $3.30 billion for the quarter.
Viacom, Inc.’s lower revenue for its fiscal fourth quarter of 2016 was partially due to a decrease in advertising revenue. The entertainment company reported that domestic and worldwide advertising revenue were down 8% during the quarter. International advertising revenue was also down by 7% in its fiscal fourth quarter of the year.
Also hurting Viacom, Inc.’s revenue for its fiscal fourth quarter of 2016 was a lack of blockbuster movie releases from Paramount during that time. Theatrical revenues for the quarter were down 55% to $203 million. Tom Dooley, interim President and CEO of VIA, said that the movie studio is currently working to “rebuild a full, dynamic slate of films.”
Earnings per share reported by Viacom, Inc. in its fiscal fourth quarter of 2016 was 69 cents. This is a decrease from its earnings per share of $1.54 reported in the fiscal fourth quarter of 2015. However, it did manage to come in above analysts’ estimates of 65 cents for the period.
Operating income reported by Viacom, Inc. during its fiscal fourth quarter of 2016 was $538 million. The company reported operating income of $1.06 billion in its fiscal fourth quarter of 2015.
VIA and VIAB stocks were up slightly as of Wednesday morning.
