Why Viacom (VIA) Stock Is Falling Today

TheStreet.com

NEW YORK (TheStreet) -- Shares of Viacom are down -1.60% to $80.75 after the entertainment content company's fiscal third quarter earnings fell 5.1% as a revenue decline in the media company's filmed entertainment business hurt the top line, while its cable networks unit logged tepid growth, the Wall Street Journal reports.

For the period ended June 30, Viacom posted earnings of $610 million, or $1.40 a share, compared with $643 million, or $1.33 a share, in the year-ago quarter.

Adjusted earnings from continuing operations rose to $1.42 a share from $1.29 a share.

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Revenue fell 7.4% to $3.42 billion.

Analysts had projected $1.44 a share in earnings and $3.56 billion in revenue, according to Thomson Reuters.  

VIA Chart
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