NEW YORK — Viacom Inc. (VIAB) on Thursday reported a fiscal second-quarter loss of $53 million, after reporting a profit in the same period a year earlier.
The New York-based company said it had a loss of 13 cents per share. Earnings, adjusted for restructuring costs, came to $1.16 per share.
The results surpassed Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.
The owner of Nickelodeon, MTV, Comedy Central and Paramount Pictures posted revenue of $3.08 billion in the period, which missed Street forecasts. Twelve analysts surveyed by Zacks expected $3.27 billion.
Viacom shares have decreased 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 2 percent. The stock has dropped 14 percent in the last 12 months.
Keywords: Viacom, Earnings Report