NEW YORK, N.Y. – Viacom says net income grew 13 per cent in the most recent quarter even as revenue fell more than Wall Street expected with the lack of a strong theatrical release.
Net income for the July-September quarter was $650 million, or $1.26 a share, compared with $576 million, or $1 a share, a year earlier.
After adjusting for one-time items, earnings came to $1.21. Analysts were expecting $1.17.
Revenue fell 17 per cent to $3.36 billion, below the $3.41 billion expected by analysts surveyed by FactSet.
Viacom Inc.’s Paramount movie studio division saw revenue fall 39 per cent to $1.09 billion in the fiscal fourth quarter because it had no blockbuster release. A year ago, it had the latest “Transformers” movie.
Revenue at the cable TV network business was largely unchanged.