(MENAFN- Baystreet.ca) Viacom Inc. (NASDAQ:VIAB) rang higher on the stock charts Friday, after the release of second-quarter financial figures.
Revenues came in 6% less than the prior-year quarter, at $2.9 billion, but operating income surged 26% to $573 million. Net earnings from continuing operations attributable to Viacom jumped 42% to $363 million.
According to CEO Bob Bakish, "This quarter, we executed strongly on our strategic priorities and made significant progress in advancing our evolution. We grew viewership share at our flagship networks, accelerated our Advanced Marketing Solutions and continued our momentum at Paramount Pictures.
"We also achieved important milestones in expanding our distribution across traditional, digital and mobile platforms, while dramatically improving our audience reach through the integration of Pluto TV."
Paramount, for its part, delivered its ninth straight quarter of improved year-over-year adjusted operating income, largely driven by gains at the global box office and monetization of library IP.
Paramount continued its global box office momentum in the fiscal second quarter, driven by Bumblebee and What Men Want. Pet Sematary, released in FQ3 and adapted from Stephen King's horror novel, performed well in theaters.
Paramount's film slate for the remainder of fiscal 2019 includes: Rocketman, the highly anticipated biographical musical film about Elton John – debuting in the U.S. in May, and Dora and the Lost City of Gold, a live action film based on Nickelodeon's Dora the Explorer franchise – scheduled for release in August.
Viacom shares hiked 79 cents, or 2.8%, shortly before Friday's closing bell, to $29.29.
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