UPDATE 1-Viacom revenue misses estimates due to fewer movie releases

Jan 30 (Reuters) - Viacom Inc reported lower-than-expected revenue for the first quarter as its studio Paramount Pictures released fewer movies and the home entertainment business reported lower sales.

Revenue from the filmed entertainment business fell 30 percent to $681 million in October-December, when Paramount released "The Wolf of Wall Street", "Anchorman 2: The Legend Continues", "Jackass Presents: Bad Grandpa" and "Nebraska".

Viacom reported a 52 percent drop in revenue from theaters.

The four movies earned $337.6 million, according to Box Office Mojo, a website that tracks theater ticket sales.

Viacom reported a 6 percent rise in its bigger cable network business, which includes MTV, Comedy Central and Nickelodeon, as affiliate fees and advertising revenue rose.

The company's net income from continuing operations rose to $547 million, or $1.20 per share, from $473 million, or 93 cents per share, a year earlier.

Excluding items, the company earned $1.20 per share from continuing operations, above analysts' estimate of $1.16, according to Thomson Reuters I/B/E/S.

Total revenue dropped 4 percent to $3.2 billion, below the average analyst estimate of $3.30 billion.

Viacom is controlled by media mogul Sumner Redstone, who serves as chairman of the company and its sister CBS Corp .