Viacom is a company that owns Paramount Picture, MTV, and Nickelodeon. According to the company itself, its net worth is going to have an increase in 2023. This is the reason they are going to continue with the improvement of their media operations. They stated that they experienced a decline in their latest fiscal year of 2.4% and that they now have a net worth of $12.94 billion. If you look at this occurrence more closely you will see that there is a reason for this decline. There is a high number of consumers that are eliminating their subscriptions to cable-television, which only adds to those who are subscribing to the streaming providers like Netflix, Amazon, or Hulu.
This is the real reason behind the decline of their net worth in the previous years. If you are more interested in this topic, you can google up the fiscal years of this company in the last decade. They experienced a serious fall. 2023 is the first year from 2014 that will end with a positive fiscal result for the famous company. According to the company’s staff, they changed the core of their way of doing business and they are ready to grow once again. Also, they implemented some significant improvements on their networks, and distribution which largely relates to Paramount.
Also, they stated that the main reason behind this revenue increase is their investment in digital offerings, studio production business, and their overall marketing. As of the last day of September, their revenue touched around $3.5 billion or 5% increase. Some analysis from the beginning of the year stated that they can expect around $3.37 in revenue. The fiscal year is not over yet and they already overachieved, if we can say it like that. The biggest chunk of their revenue was made by their media network segment which brought them $2.52 billion in revenue. On the other hand, their entertainment division that includes Paramount Pictures grew by 25% as of 1. October 2019.
When it comes to the net income, it declined by 42% and is now worth $394 million. This is about $0.98 per share. The reason for this fall is their three-year period which gave them only $127 million revenue from the broadcast spectrum sales. One more important thing is that their income tax reached $111, which is lesser compared to the $124 which was the result at the end of the previous fiscal year.
The final results are that the company earned $0.99 per share after excluding all the taxes and restructuring costs that they had to undergo in order to change their modus operand this year. The projections told a somewhat similar story, and it was expected from them to reach $0.95 per share. Once again, they have surpassed all the expectations. In addition, it is important to know that their class B shares were increased by 3.6% in premarketing trading.
As we said in this article of ours, the projections say that Viacom will only grow in the future. This was one of the most important years for the company, and now they can continue to grow in the future.