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.