Viacom said yesterday that net income rose sharply in its fiscal first quarter compared with results depressed by an accounting charge a year ago. But revenue and adjusted earnings fell because of a decline at its Paramount studio and lower ad revenue at Nickelodeon TV.
Net income rose to $470 million, or 92 cents per share, in the fiscal first quarter, compared with $212 million, or 38 cents per share, a year earlier. That period included $379 million in charges related to a battle with Harmonix Music Systems, maker of “Rock Band” video games.
After adjustments, Viacom earned 91 cents a share, a penny more than analysts expected. A year ago, adjusted earnings were $1.06.
Revenue fell 16 percent, to $3.3 billion, from $3.95 billion a year ago. But the latest figure was short of the $3.48 billion expected.
Viacom’s stock price rose, briefly hitting an all-time high. It closed at $60.35 yesterday, up $1.02.