Viacom Inc misses EPS forecast but revenue beats expectations

Even as its India business, Viacom18, celebrates its 10th anniversary, Viacom Inc’s stock on Nasdaq came under pressure after missing the earnings per share (EPS) forecast for the fourth quarter ended September 30, 2017. The company also reported financial results for the fiscal year ended September 30, 2017.

The EPS for the quarter stood at 77 cents as against Wall Street’s estimate of 85 cents. For the corresponding period last year, the EPS were 69 cents.

During the fourth quarter of 2017, Viacom reported operating income of $705 million as compared to $332 million during the quarter in 2016. Net income for the quarter under review was $674 million, a significant increase over last year ($252 million).

Despite missing the EPS estimate for the quarter, the company did report revenue of $3.32 billion. This is better than its revenue of $3.23 billion from the same quarter of the previous year. It also beat out Wall Street’s revenue estimate of $3.24 billion for the fiscal fourth quarter of 2017.

Viacom President and chief executive officer Bob Bakish said, “In the fourth quarter and full year, we made strong progress against our plan to fundamentally stabilise and revitalise Viacom, with top line gains in both Media Networks and Filmed Entertainment segments driven by continued execution on our strategic priorities. We saw significant ratings increases across the portfolio, which drove sequential improvement in domestic advertising; our international business continues to expand, delivering double-digit revenue increases; and Paramount is demonstrating growth across multiple revenue streams as it rebuilds the theatrical slate and continues to grow its TV production business.”

He added that the company had completed several multi-year renewals of major distribution contracts, including the recent agreement with Charter, which secure broad, long-term carriage of Viacom's networks for subscribers and expand its relationships with distributors through new advanced advertising and content production partnerships.

The company established a stable base while reducing debt and improved free cash flow during the quarter.

Latest Reads
Disney restructures business in the face of digital disruption

MUMBAI: Walt Disney Co, on Wednesday, announced a sweeping restructuring aimed at accelerating its global expansion during a period of upheaval for Hollywood.

Television TV Channels English Entertainment
Sony's 'Dus Ka Dum' gets app boost

MUMBAI: After a successful season of Kaun Banega Crorepati (KBC), Sony Pictures Network is reviving Dus Ka Dum, another big reality show with superstar Salman Khan. The show is coming back on air for its third season after 2009. Since its initial airing, the entertainment landscape has changed...

Television TV Channels GECs
ZEEL scraps 9X Media acquisition

Owing to non-completion of certain material conditions, Zee Entertainment Enterprises Ltd (ZEEL) has terminated its deal to acquire music broadcaster 9X Media.

Television TV Channels Music and Youth
Viewers celebrate their love for hollywood blockbusters on my Star Movies at 9

Home to the biggest blockbusters, Star Movies leads the way in engaging audiences by giving them an opportunity of a lifetime to showcase their love for Hollywood films! My Star Movies at 9, for the first time ever, presents fans with a special proposition. Not only will they get to watch their...

Television TV Channels English Entertainment
Discovery unravels the underwater warriors of Indian Navy, the submarine arm, with Breaking Point: The Indian Submariners

Discovery Channel, India’s leading destination for factual entertainment, is launching a special series on the Indian Submariners as a part of its extremely popular Breaking Point Franchise. This is the first time that any private broadcaster will showcase a TV series on the underwater warriors of...

Television TV Channels Factual & Documentary
&Privé HD to premiere the gripping thriller 'The Hunter' this sunday

&Privé HD, the newest destination for nuanced cinema, is all set to premiere the Australian thriller-drama The Hunter on 18th of March at 1:00 pm and 9:00 pm. Directed by Daniel Nettheim, the riveting movie stars Willem Dafoe, Sam Neill, and Frances O’Connor in pivotal roles.

Television TV Channels English Entertainment
BBC takes ‘fake news’ battle global

The BBC today sets out its ambition to be a global leader in the fight against fake news, which is creating a huge decline in global audiences’ trust in media.

Television TV Channels News Broadcasting
Turner International creates digital advertising unit to connect brands with fans

Turner International is for the first time providing advertisers with a single way to activate a full suite of global, regional and local campaigns that connect with fans across Turner’s digital properties spanning over 200 countries.

Television TV Channels Kids
Star India renews BWF media rights till 2021

MUMBAI: Star Sports has renewed its Badminton World Federation (BWF) media rights for a four-year cycle. The deal is from 2018 to 2021 as per BWF calendar.

Television TV Channels Sports

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories