Media group Viacom has unveiled unexpectedly high Q3 results, attributing the uplift to advertising income.
The group, which recently bought CBS, insists that the market for advertising is continuing to flourish, despite the rapid downturn in dotcom adspend.
“Wall Street gave a lot of dotcoms a lot of money [and] we took as much of that money as we could”, admitted Viacom’s chief operating officer Mel Karmazin. “The noise is in the stock market; it is not a company phenomenon”.
However, this does not seem to have affected Viacom. “We have absolutely not seen any [big] advertisers who have gone away”, added Karmazin.
The media giant’s cash flow hit $900m, more than twice that of Q2, while earnings hit 2 cents a share, well ahead of Wall Street’s predictions of a 2 cents loss.
News source: Financial Times