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Viacom's second quarter profit and revenue beat estimates

Viacom reports better than expected second quarter revenues and profits
Viacom reports better than expected second quarter revenues and profits

Viacom, the owner of MTV, Comedy Central and Nickelodeon, has today reported quarterly profit and revenue that handily beat estimates. 

Revenue from Viacom's film business jumped 37% to $895m in the company's second quarter ended March 31. 

Analysts on average had expected the business to generate revenue of $676.5m.

Viacom said its action thriller "xXx: Return of Xander Cage", starring Vin Diesel, grossed more than $346m at the worldwide box office. 

The media company in February said it would focus on six of its brands as part of a turnaround plan orchestrated by chief executive Bob Bakish. 

The brands are: Paramount, BET, Comedy Central, MTV, Nickelodeon and Nick Jr. 

Additionally, Bakish has said he is focused on improving relations with Viacom's affiliates, and licensing less content to video streaming companies like Netflix and Hulu. 

Net profit attributable to Viacom fell to $121m, or 30 cents per share, in the company's second quarter, from $303m, or 76 cents per share, a year earlier. 

The company took a $174m charge related to restructuring in the second quarter.

Excluding items, Viacom earned 79 cents per share, beating analysts' average estimate of 59 cents per share, according to Thomson Reuters. 

Viacom's quarterly revenue rose 8.5% to $3.26 billion. Analysts had expected $3.02 billion.