Categories Earnings, Leisure & Entertainment
Viacom (NASDAQ: VIAB) Q4 profit drops 22% but beats estimates
Viacom Inc. (NASDAQ: VIAB, VIA) reported a 22% drop in earnings from continuing operations for the fourth quarter of 2019 due to lower revenue as well as higher costs and expenses. However, the results exceeded analysts’ expectations.
Net income from continuing operations fell by 22% to $303 million or $0.75 per share. Adjusted earnings decreased by 20% to $0.79 per share.
Revenues declined by 1% to $3.43 billion. The company grew domestic advertising revenue by 6% for the quarter and achieved domestic affiliate revenue growth of 1%.
Revenues in Filmed Entertainment fell by 14% as a lower theatrical release, declines in home entertainment and ancillary offset growth in licensing. During the quarter, Crawl and Dora and the Lost City of Gold performed well at the box office.
Paramount’s fiscal 2020 film slate is at 17 films versus 11 in the prior year. Looking forward, highly anticipated releases include A Quiet Place Part II, The Spongebob Movie: Sponge on the Run and Top Gun: Maverick.
Viacom Media Networks faced a 4% growth in revenues as an increase in advertising and higher affiliate offset declines in consumer products, recreation & live events. The continued acceleration in Advanced Marketing Solutions and advancement in Viacom’s distribution strategy drove domestic advertising and affiliate revenue higher.
Pluto TV continued to scale with monthly active users that rose to about 20 million domestically, up nearly 70% this calendar year. The company launched 43 new channels, including 24 Viacom-branded channels in the quarter. Pluto Latino now has 22 channels with over 4,000 hours of Spanish and Portuguese programming.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
What to look for when CVS Health (CVS) reports Q3 earnings
Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain
eBay (EBAY): A few factors that helped drive growth in Q3 2024
Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to