Viacom reported fourth-quarter profit of 79 cents a share that beat Wall Street forecasts and Paramount Pictures returned to full-year profitability, though revenue slipped 1% to barely undershoot …
reported fourth-quarter profit of 79 cents a share that beat Wall Street forecasts and Paramount Pictures returned to full-year profitability, though revenue slipped 1% to barely undershoot estimates.
Revenue came in at $3.4 billion for the quarter, down from $3.5 billion in the year-earlier quarter. Earnings of 79 cents declined from 99 cents in the prior-year period, but the exceeding of estimates and other positive signs in the report sent Viacom shares up 4% in pre-market trading. Paramount Pictures returned to profitability for the full year for the first time since 2015. Despite a 14% revenue slide to $851 million in the fourth quarter, operating income of $54 million improved 42% over the same quarter a year ago. The studio has not had a $100 million-plus domestic box office draw in 2019. Even so, films in the quarter likeAdvertising in the Media Networks unit has been another growth story after a long period of struggle.
The quarterly report is Viacom’s last as a stand-alone company. It expects to close its all-stock merger with CBS in early December. “Our strong performance in the fourth quarter capped off a pivotal year for Viacom and reflects the successful execution of our strategic priorities to evolve the company for the future,” CEO
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