Viacom Stock Heads Higher on Q3 Earnings Beat
Viacom (NASDAQ: VIAB ) stock was on the rise today following the release of its earnings report for its fiscal third quarter of 2018.
Viacom earnings report for its fiscal third quarter of 2018 includes earnings per share of $1.18. This is an increase over the company's earnings per share of $1.17 that was reported in the same period of the year prior. It was also good news for VIAB stock by coming in above Wall Street's earnings per share estimate of $1.07 for the quarter.
Net income reported by Viacom for its fiscal third quarter of the year was $511 million. This is down from the company's net income of $680 million that was reported in its fiscal third quarter of 2017.
During the fiscal second quarter of 2018, Viacom reported operating income of $752 million. This is better than the company's operating income of $746 million that was reported during the same time last year.
Viacom also reported revenue of $3.24 billion for its fiscal third quarter of 2018. This is a drop from the media company's revenue of $3.36 billion that was reported in its fiscal third quarter of the previous year. It also didn't reach analysts' revenue estimate of $3.26 billion for the period, but that wasn't enough to drag VIAB stock down today.
Viacom notes that its Media Networks revenue for its fiscal third quarter of the year was down 2% from the same time last year. It also saw its Filmed Entertainment revenue drop by 9% during the quarter.
VIAB stock was up 6% as of noon Thursday, but is down 8% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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