Viacom (VIAB) on Wednesday missed earnings estimates for its fiscal fourth quarter and reported a 15% drop in revenue year over year, but shares nevertheless bounced higher in early trading.
Shares of the media company were up 1.6% to $37.93 on Nasdaq.
For the quarter, Viacom's revenue missed the expectations of Wall Street analysts, coming in at $3.23 billion versus a consensus estimate of $3.3 billion. Revenue was $3.79 billion during the same period last year.
Net earnings of 64 cents per share were down 71% from the 2015 third quarter, when Viacom posted $2.21 in earnings per share. Analysts had expected earnings of 65 cents per share.
The results come after the media giant late last month named Bob Bakish, head of Viacom International Networks, as its new CEO following a bitter dispute over company control. Controlling shareholders Shari and Sumner Redstone in August ousted Viacom's longtime CEO, Philippe Dauman, and now are pushing for the company to reunite with CBS (CBS) . Viacom provided no updates on a possible merger with CBS in its fourth-quarter results.
Viacom's Nickelodeon, MTV and Comedy Central networks have struggled in recent years as its younger audience has shifted away from cable TV and toward streaming services such as Netflix (NFLX) , Amazon (AMZN) Prime Video and Hulu.
The trend was reflected in Viacom's media networks segment, which saw revenue slide 11% year-over-year to $2.48 billion because of declines in domestic and worldwide affiliate revenue, which fell 19% and 16%, respectively.