NEW YORK (AP) - Viacom posted an 18 percent drop in second-quarter net income Wednesday due to lower revenue, especially from the filmed entertainment division that includes Paramount Pictures.
It's a tough comparison to last year, when Viacom was raking in proceeds from "Mission Impossible - Ghost Protocol," and the company actually surpassed Wall Street's profit expectations.
Viacom reported earnings of $478 million, or 96 cents per share, in the January-March period. That's down from $585 million, or $1.07 per share, in the same period a year earlier.
Revenue fell 6 percent to $3.14 billion from $3.33 billion. Revenue from its filmed entertainment business dropped 20 percent to $971 million, from $1.17 billion.
Analysts had expected earnings of 95 cents per share on overall revenue of $3.18 billion, according to a poll by FactSet.
Viacom Inc., based in New York, owns MTV, VH1, Comedy Central and other TV networks.
Revenue from the media networks division grew 2 percent to $2.23 billion thanks to more robust advertising and affiliate revenue.
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