Global media company, Viacom, has today announced that advertising revenue for second quarter trading grew by 11% to $3.4 billion, citing an ‘outstanding’ period for the group which was led by double-digit operating income from cable networks and television.
For the three months to June 2004, operating income increased by 10% to $1.4 billion, while revenue climbed by 7% year-on-year to $6.4 billion.
Over the three month period, cable networks and television outperformed all other segments, growing by a massive 23% and 35% respectively. Advertising also saw a marked improvement over the quarter as revenues rose by 11%.
For the six months ending 30 June, operating income increased by 14% to $2.6 billion from $2.3 billion for the same period last year, while revenues are up over 9% year-on-year to $13.6 billion.
Chairman and chief executive, Sumner Redstone said: “Viacom finished the first half of 2004 with an outstanding second quarter performance, highlighted by double-digit gains in net earnings and operating income and high single-digit growth in revenues.”
Viacom, owner of the MTV networks, said in a statement this morning that it continues to believe it is on track to deliver full-year 2004 revenue growth of 5% to 7% and operating income growth of 12% to 14%.
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