Viacom Inc (NASDAQ:VIAB) saw its shares ease in premarket trade after releasing its fourth quarter results.
Net profit attributable to Viacom in the quarter rose to US$674mln, or US$1.67 per share, from the US$254mln, or 64 US cents a share, recorded a year earlier.
The quarter included a US$127mln gain from an asset sale. Total revenue rose 2.9% to US$3.32bn.
Excluding items, the company earned 77 US cents per share.
The market was expecting earnings of 86 US cents per share and revenue of US$3.23bn.
Ramping up evolution of media business
"“In the fourth quarter and full year, we made strong progress against our plan to fundamentally stabilize and revitalize Viacom, with top line gains in both Media Networks and Filmed Entertainment segments driven by continued execution on our strategic priorities.," chief executive Bob Bakish said in a statement.
“Viacom is stronger and our momentum continues to build. To accelerate our transition to long-term, sustainable growth, we are ramping up the evolution of Viacom's media business to better serve next generation platforms and solutions while continuing to diversify our business and strengthen our global portfolio of flagship brands.
In premarket, its shares were down 4.51% at US$23.50.