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Viacom posts earnings of $1.16 a share vs. $1.06 expected

Viacom delivered earnings that topped expectations on Thursday, but lower revenue from its filmed entertainment business and a decline in domestic advertising revenue due to weak ratings for its popular shows dented its revenue.

Net loss attributable to Viacom was $53 million, or 13 cents per share, for the second quarter ended March 31, compared with a profit of $502 million, or $1.13 per share, a year earlier.

Excluding items, the media company posted earnings of $1.16 per share, up from $1.08 per share in the year-earlier period. The results included a $784 million restructuring charge.

Revenue fell to $3.08 billion from $3.17 billion a year ago. Revenue at the owner of cable networks Comedy Central and movie studio Paramount Pictures fell to $3.08 billion from $3.17 billion.

Viacom Headquarters in New York City.
Scott Eelis | Bloomberg | Getty Images
Viacom Headquarters in New York City.

Analysts expected Viacom to report adjusted earnings of $1.06 per share on $3.26 billion in revenue, according to a consensus estimate from Thomson Reuters.

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Viacom earlier this month said it would take a $785 million pre-tax charge in the quarter as part of a corporate restructuring. The media company would temporarily stop its $20 billion buyback program as it took write-downs from programming changes and layoffs, among other factors.

Read MoreViacom to take $785M pre-tax charge in reorganization

Viacom added that the reorganization would lead to savings of about $175 million for fiscal year 2015.

Shares of the media company have slipped 4 percent this year.

CNBC's Terri Cullen and Reuters contributed to this report.