Viacom Slips To Loss In Q2 - Quick Facts

(RTTNews) - Media conglomerate Viacom Inc. (VIA, VIAB) reported that its second-quarter net loss attributable to the company was $53 million or $0.13 per share, compared to net income of $502 million or $1.13 per share in the prior year.

Adjusted earnings per share rose to $1.16 from $1.08 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.06 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter dropped to $3.078 billion from $3.174 billion in the prior year. Wall Street expected revenues of $3.26 billion.

Quarterly revenues declined 3% to $3.08 billion, driven by increases in Media Networks that were more than offset by declines in Filmed Entertainment revenues and the impact of foreign exchange. Excluding an unfavorable 2% impact of foreign exchange, revenues declined 1%. Media Networks revenues increased 3% to $2.45 billion, due to higher advertising revenues and affiliate fee.