Viacom posts
higher profit in the fourth quarter
Viacom,
Inc.(NASDAQ:VIAB) has reported a 13 percent rise in its net income in the
fourth quarter, while the full year’s earnings dropped 7 percent.
Earnings for the
period were $650 million or $1.26 a share.
Last year, the company had earned $576 million or $1.00 a share. If onetime items are excluded, the company’s
earnings work out to $1.21 a share, higher than analysts’ estimates of $1.17 a
share.
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Revenue dropped
17 percent to $3.36 billion, lower than Street expectations of $3.41 billion.
The company’s
Paramount Pictures movie studio division saw fall in revenue by 39 per cent,
while its cable TV network revenue remained unchanged.
Revenue from
advertisements dropped, although fees received from cable and satellite
companies increased.
For the full
year, earnings fell by nearly 7 percent to $1.9 billion or $3.69 a share. Revenue dropped 7 percent to $13.9 billion.
Shares of Viaocm
ended higher by 3% to $49.23.
Wal-Mart betters
profit estimates
Retail giant Wal-Mart
Stores, Inc.(NYSE:WMT) has also declared its results for the quarter. While profits have improved, the company has
lowered its guidance.
The net income
for the period was $3.63 billion or $1.08 a share. The company had earned $3.33 billion or 96
cents a share in the prior year period.
Revenue for the period ending October 31 was $113.93 billion,
significantly higher than last year’s $110.23 billion. Sales figures were dragged down by exchange
rate fluctuations.
Excluding
onetime items, the retailer would have earned $1.07 a share on $114.96 billion
revenue.
Sales at stores
open for at least a year rose 1.5 percent.
This excludes stores which had opened or closed in the past one
year. Analysts had expected same store
sales to jump 4.6 per cent.
Wal-Mart has
also narrowed its outlook for the full year.
It now expects to make between $4.88 and $4.93 a share.
Shares of WMT
ended lower by 3.50% in Thursday’s session.
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