Viacom Earnings Beat Estimates, Restructuring Drives Down Profit

Viacom (VIAB) reported second quarter earnings that beat analyst estimates. The cable network owner posted results of $1.16 per share, up from last year's $1.08. Revenue came in lower than expected as $3.08B following a decline in domestic ad sales and weaker ratings. The owner of Paramount Pictures and Comedy central has also faced hefty restructuring charges but says the company reorganization will save over a million dollars in 2015.Viacom reported an overall loss of $53M or $0.13 per share. Channels like MTV and Nickelodeon have suffered from the loss of younger viewers moving online. Shares in the company were down on the earnings news.