Viacom stock falls after mixed quarterly results
Shares of Viacom Inc. are down 0.1% in premarket trading Tuesday after the company reported better-than-expected earnings for its fiscal first quarter but missed slightly on the top line. The company posted net income of $321 million, or 80 cents a share, down from $537 million, or $1.33 a share, a year earlier. Adjusted earnings climbed to $1.12 a share from $1.03 in the year-ago period and came in ahead of the FactSet consensus, which called for $1.03. Viacom reported revenue of $3.09 billion, compared with $3.07 billion a year earlier. Analysts had been expecting $3.11 billion. The company said its Media Networks business was impacted by unfavorable foreign-exchange impacts, while domestic revenues were flat as Viacom's affiliate business offset weaknesses in the consumer-products and recreation lines. The stock has fallen 9.1% over the past three months, as the S&P 500 has slipped 0.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.