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Viacom's second-quarter earnings rise 56 percent, despite weak box office
NEW YORK (AP) ' Viacom says its net income rose 56 percent in the latest quarter, even though a slate of movies that was lackluster compared with last year held back revenue.
Viacom Inc., the owner of Paramount Pictures, MTV and Comedy Central, earned $585 million, or $1.07 per share in the January to March quarter. That compares with $376 million, or 63 cents per share, it earned in the same period last year.
Excluding special items earnings were 98 cents per share in the fiscal second quarter, 9 cents above the average analyst estimate as polled by FactSet.
Viacom, based in New York, says its revenue rose 2 percent to $3.33 billion, matching analyst estimates.
Revenue rose 5 percent at Viacom's TV networks, and fell 5 percent at Paramount.