The video-streaming service added 7 million subscribers worldwide from July through September, far above the company’s target of 5 million and exceeding analyst projections. Investors lifted Netflix’s stock by more than 11% to $386.30 in extended trading.
Viacom touted its new Advanced Marketing Solutions (AMS) platform during the company’s quarterly earnings call. The new solution, designed to help Viacom earn more revenue from emerging advertising platforms, saw revenue growth of 33% year-over-year, the company said.
President Trump said meetings with executives prompted him to ask the SEC to study letting public companies file financial reports every six months instead of every quarter.
The local media group’s performance of $199 million is driven by a 134% increase in political plus other revenue that more than offset an 8% drop in core advertising.
Net income rose 8% to $114.3 million from $106.1 million a year ago because of lower interest and tax payments. Adjusted operating income fell 7.5% to $304.1 million. Revenue dropped 2% to $749.8 million. Ad revenue was down 7.3% to $434 million.
In one of its last financial reports as a stand-alone company, 21st Century Fox topped Wall Street estimates for its fourth fiscal quarter, posting earnings of 57 cents a share on an adjusted basis and revenue of $7.94 billion. Growth came from several divisions, with Cable Network Programming and Filmed Entertainment overcoming a lackluster period for Television due to higher expenses and lower NFL ratings.
Political, digital and distribution revenue are drivers. 2Q operating income was $131.6 million while net income was $28 million.