The Wall Street Journal reports Viacom’s fiscal first-quarter revenue rose 0.6% to $3.09 billion, as performance from Viacom’s film and television studio helped offset a decrease in ad revenue for its cable TV business. Excluding the impact of foreign exchange, revenue rose 4%. Analysts polled by Refinitiv were expecting $3.12 billion in revenue.
Media networks division revenue declined 2%, which the company largely attributed to foreign exchange. International revenue dropped 10%, Viacom said Tuesday, while domestic revenue was flat. Subscription revenue was helped by higher prices. Within media networks, Viacom said ad revenue fell 6%.
Growth for Paramount Pictures continued to be helped by “Mission: Impossible—Fallout” and “A Quiet Place,” while the “Jack Ryan” television series on Amazon Prime bolstered Viacom’s television production and licensing business. Overall filmed entertainment revenue rose 14%.
Total expenses at the media company rose 5.6% in the quarter to $2.49 billion.
Viacom reported profit fell 40% from a year earlier to $321 million, or 80 cents a share.
Adjusted earnings from continuing operations were $1.12 a share, up from $1.03 a share. Analysts polled by Refinitiv were expecting adjusted earnings of $1.03 a share.
Viacom reached a deal last month to buy television-streaming service Pluto TV for $340 million.
Also last month, The Wall Street Journal reported that Viacom was looking at selling a majority stake in its operations in China. The company has had operations there for over 20 years
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