Viacom reported better-than-expected fiscal third-quarter earnings.
Its film unit posted its 10th quarterly bottom line improvement in a row, and the firm returned to U.S. advertising growth for the first time since the fiscal third quarter of 2014.
Viacom, led by CEO Bob Bakish, posted adjusted earnings of $484 million, or $1.20 per share, for the quarter ended on June 30, compared with $475 million, or $1.18 a share, in the year-ago period. Wall Street had on average expected Viacom to report adjusted earnings of $1.07 per share. “Viacom delivered another strong quarter, as our core businesses and investments in strategic priorities fuel our growth and evolution," Bakish said. "Importantly, we returned domestic advertising revenue to growth, which is a direct result of the strategy we have been executing for the last two years and the significant progress we have made in scaling Advanced Marketing Solutions. Paramount’s momentum also continues, keeping us on track to deliver full year profitability.
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