11/14/2019, 1:08 PM (Source: TeleTrader)
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Viacom posts 1% lower revenue in Q4

Viacom Inc. said on Thursday its revenue in the fourth quarter of 2019 stood at $3.433 billion, marking a 1% fall in comparison to the same period last year.

Diluted earnings per share were $0.75. This represents a decline of 22% compared to the last year. The company's operating income was $530 million, marking an 18% fall compared to the same time period last year.

"Our strong performance in the fourth quarter capped off a pivotal year for Viacom and reflects the successful execution of our strategic priorities to evolve the company for the future. We achieved several important milestones. First, we grew domestic ad sales for the full year, driven by the continued acceleration of Advanced Marketing Solutions. We also grew full year domestic affiliate revenue, driven by the extended reach of Viacom's distribution across more viewing platforms. And, for the first time in four years, we returned Paramount to full year profitability – a testament to the strength of our strategy and content slate. As we look to the future of a combined ViacomCBS, we’re thrilled with the momentum we have to create one of the world’s preeminent content companies," Viacom Chief Executive Officer Bob Bakish commented.

Shortly after the financial report was published, Viacom shares rose 3.72% in the premarket trading.

Breaking the News / TF