Viacom Inc posted a higher-than-expected quarterly profit on Thursday on cost cuts and improved advertising sales, but a decline in DVD sales caused revenue to miss Wall Street estimates.
The results, released Thursday, marked a full year of rising profits for Viacom. Coming out of a recession that put a huge dent in the budgets companies have for spending on TV ads, Viacom has been looking to boost ratings at its cable channels while paring back new film releases to save cash.
Viacom on Thursday said second-quarter net income rose to $420 million, or 69 cents a share, from $277 million, or 46 cents a share, from the year-ago period. Adjusted net earnings from continuing operations rose 40% to $418 million. Quarterly total revenue for the New York-based media company was $3.3 billion, compared to $3.299 billion a year ago.
Viacom is riding an industrywide rebound in advertising. The company, which operates cable channels including BET, MTV, Comedy Central and Nickelodeon, said Thursday that both domestic and international ad revenue climbed 4 percent from the same quarter a year ago.
For the quarter that ended in June, the company reported earnings of $418 million, or 68 cents per share, from continuing operations, compared with $277 million, or 46 cents per share, a year earlier. Analysts on average had forecast 66 cents per share.
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