logo-loader

Viacom's shares ease after mixed fourth quarter results

Last updated: 08:21 16 Nov 2017 EST, First published: 03:21 16 Nov 2017 EST

movie camera
"We will continue to focus on unleashing the full creativity and energy of Viacom to create greater value for our shareholders and audiences.”

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.

 

 

 

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

5 hours, 16 minutes ago