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Viacom Records Better than Expected Profits, Revenue Dip
| 02/05/2019
Viacom Inc. recorded better than expected profits today, with higher fees from cable and satellite operators in the United States. The success of Transformers” reboot “Bumblebee” also played a role in company recording profits.
Viacom records profits; revenue missed expectation
Viacom recorded profit during the last quarter as it continues to increase its effort towards providing original content for streaming service providers such as Netflix. The company signed a deal in November with Netflix, agreeing to make more original movies and TV shows for Netflix other streaming companies.
Despite the profit recorded, Viacom saw its revenue missed analysts’ expectations. The company recorded a revenue of $3.09 billion during the last quarter, just shy of the $3.12 billion estimated by Wall Street analysts.
The drop in revenue came from lower advertising revenue, and the currency swings in the country as the media landscape in the US becomes more competitive. Viacom was able to raise $969 million in revenue from domestic affiliates and fees from cable and satellite operators in the country. This represents a 5 percent increase, beating the 2.4 percent estimated by analysts.
Viacom which controls MTV, Comedy Central, and Nickelodeon, revealed that its total affiliate revenue went up by 3 percent to reach $1.17 billion, which is higher than the $1.11 billion estimated by analysts.
The film entertainment division which includes Paramount Pictures saw its revenue grow by 14 percent to reach $621 million. Overall, the profit per share was $1.12, which is above the $1.03 per share estimated earlier on.