NEW YORK — Viacom Inc. (VIAB) on Thursday reported fiscal first-quarter net income of $500 million.
On a per-share basis, the New York-based company said it had profit of $1.20. Earnings, adjusted for pretax expenses and non-recurring costs, came to $1.29 per share.
The results met Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was also for earnings of $1.29 per share.
The owner of Nickelodeon, MTV, Comedy Central and Paramount Pictures posted revenue of $3.34 billion in the period, which did not meet Street forecasts. Analysts expected $3.44 billion, according to Zacks.
Viacom shares have decreased 12 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped almost 3 percent. The stock has dropped 19 percent in the last 12 months.
Keywords: Viacom, Earnings Report