Earnings: Viacom Ekes Out Q3 Revenue Increase; Profits Drop 37 Percent
This story was written by Staci D. Kramer.
Viacom (NYSE: VIA) execs did a little earnings inoculating last month with a warning that it wouldn't meet earlier guidance for Q3 so there shouldn't be a shock factor in a 37 percent drop in profit. Viacom beat estimates when it came to revenue, with a 4 percent boost to $3.4 billion from $3.2 billion in Q308. Earnings per share dropped 37 percent to $401 million from $641 million the previous year. Via MKTW, analysts polled by FactSet Research expected 56 cents per share on revenue of $3.29 billion. The adjusted earnings after benefits from a sale were 55 cents per share.
Earnings release | Webcast (4:30 p.m. eastern)
By Staci D. Kramer