Viacom Q1 Up 33%
May 2, 2008 at 5:46 AM (PT)
VIACOM INC., the media company controlled by SUMNER REDSTONE, said first-quarter profit rose 33%, beating analysts' estimates on sales of the video game "Rock Band" and higher ratings at its cable channels.
BLOOMBERG NEWS reports profit increased to $270 million, or 42 cents a share, from $203 million, or 29 cents, a year earlier. Sales gained 15% to $3.12 billion, exceeding the $2.96 billion average of 18 analysts' estimates compiled by BLOOMBERG. Excluding one-time items, profit of 44 cents a share topped a 41-cent estimate.
"Rock Band," the game where players emulate rock and rollers with toy instruments, drove a 16% increase in revenue at VIACOM's media networks business.