Viacom reports strong quarter

MTV owner Viacom’s operating income for the quarter ending June 30th 2010 climbed 35 per cent to $794m Revenues were relatively flat year-on-year, up from $3.299bn last year to $3.301bn. Net earning jumped 51 per cent to $418m.

For the six months ending June 30th operating income climbed 29 per cent to $1.328bn with net earnings jumping 46 per cent to $661m. Revenues fell from $6.204bn in 2009 to $6.087bn, a two per cent decrease.

The growth was driven by increased income from higher advertising revenues and lower Rock band losses at its Media Networks division.

Viacom’s strong bottom-line results reflect our focused strategy, our creative ingenuity and our disciplined financial approach,” executive chairman Sumner Redstone stated. We are very pleased with our consistent progress and the solid results that Viacom continues to deliver for shareholders.”