Viacom 2Q profits fall, but beats expectations

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Associated Press

Posted on May 1, 2013 at 5:01 AM

Updated Wednesday, May 1 at 5:06 AM

NEW YORK (AP) — Viacom is reporting an 18 percent drop in second-quarter net income due to lower revenue, especially from its filmed entertainment division that includes Paramount Pictures.

That still topped Wall Street expectations, however.

Viacom on Wednesday posted earnings of $478 million, or 96 cents per share, in the January-March period. That's down from $585 million, or $1.07 per share, in the same period a year earlier.

Revenue fell 6 percent to $3.14 billion from $3.33 billion.

Analysts, on average, had expected earnings of 95 cents per share on revenue of $3.18 billion, according to FactSet.

Viacom Inc., based in New York, owns MTV, VH1, Comedy Central and other TV brands.

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