Earnings: VIA: Q1 Revenues Up 12 Percent; Profit Dips

Viacom reported the results of its first quarter as what CEO Tom Freston calls “a new, focused and more nimble company”: a 12-percent uptick in revenues to $2.37 billion (8 percent comes from the Dream Works LLC acquisition) and a 3-percent rise in operating income to $623.5 million on a pro forma basis. Viacom earned 43 cents per share in 1Q06, down from 47 cents per share year over year but ahead of analysts’ estimates on earnings. The Thomson First Call estimate was 39 cents per share on revenues of $2.27 billion.
MKTW: Freston: “We’ve seen big increases in our digital revenue commensurate with increases in our television revenue. Advertisers generally look at this as an opportunity to do a lot of shopping in one place in a really unique way.”
More from the earnings call later. Earnings release| Webcast (replay)

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