Viacom Inc. (NASDAQ:VIAB) found its shares skyrocketing, after the New York-based media conglomerate reported financial results for the quarter ended June 30.
Revenues came in at $3.35 billion, slightly better than the $3.23 billion in the prior-year quarter. Operating income was also fairly flat, at $757 million, compared to $752 million in the prior-year.
Net earnings registered at $550 million, compared to $525 million in the prior-year, or $1.35 per share, compared to $1.30 in the prior-year quarter.
According to CEO Bob Bakish, “Viacom delivered another strong quarter, as our core businesses and investments in strategic priorities fuel our growth and evolution. Importantly, we returned Domestic Advertising Revenue to growth, which is a direct result of the strategy we have been executing for the last two years and the significant progress we have made in scaling Advanced Marketing Solutions.
“Paramount’s momentum also continues, keeping us on track to deliver full year profitability. As this quarter shows, Viacom’s brands are strong, our strategy is delivering, and our investments continue to position us well for the future.”
Among the major highlights, Paramount delivered its 10th consecutive quarter of year-over-year adjusted operating income improvement. Revenue growth was driven by strong licensing and home entertainment results.
Rocketman was a global success, generating over $185 million at the global box office; Pet Sematary drove over $110 million at the global box office.Crawl has received great reviews and is performing well in theaters.
Dora and the Lost City of Gold, a live action film based on Nickelodeon’s Dora the Explorer franchise, premieres in August, rekindling this beloved Nickelodeon franchise.
Shares hiked $1.12, or 3.8%, to $30.79
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