Viacom net falls on lower revenue from movies
Media conglomerate Viacom Inc said on Thursday that quarterly revenue fell 16% mainly on weaker results from its Paramount movie unit but profit topped estimates Revenue totaled $3.3 billion, while analysts, on average, expected Viacom to report revenue of $3.48 billion, according to Thomson Reuters I/B/E/S. Revenue from its media networks, home to cable channels MTV, Nickelodeon and Comedy Central, slipped 2% to $2.4 billion on weaker advertising revenue. Net income fell to $473 million, or 93 cents per share, from $591 million, or $1.06 per share, for the same period last year.
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