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Viacom Profit Jumps on Cost Cutting, Cable Revenue

Thursday, 05 Aug 2010 07:43 AM

Viacom's second-quarter profit jumped almost 52 percent, boosted by cost-cutting at its Paramount Pictures film studio and higher revenue from its cable channels.

The media conglomerate, controlled by billionaire Sumner Redstone, says its net income rose to $420 million, or 69 cents per share, in the three months ended June 30. That's up from $277 million, or 46 cents per share, a year ago.

On average, analysts surveyed by Thomson Reuters expected earnings of 66 cents per share.

Viacom says revenue was flat at $3.3 billion. Analysts had forecast $3.4 billion.

Revenue climbed at its cable channels, which include BET, MTV, Comedy Central and Nickelodeon.

Film revenue slipped, but the studio has saved money by focusing on fewer releases.

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Viacom's second-quarter profit jumped almost 52 percent, boosted by cost-cutting at its Paramount Pictures film studio and higher revenue from its cable channels.The media conglomerate, controlled by billionaire Sumner Redstone, says its net income rose to $420 million, or...
US,Earns,Viacom
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2010-43-05
Thursday, 05 Aug 2010 07:43 AM
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