This morning we reported our Q3 earnings, and I’m pleased to say we had another strong quarter. The results of our investments and execution show, yet again, that together we are fueling Viacom’s growth and evolution.
Here are some of the highlights*:
Financially, we had several important wins.
We achieved a significant milestone in Domestic Ad Sales, as we returned the business to growth for the first time in 20 quarters, with revenue up 6% year-over-year.
Viacom International Media Networks delivered solid results and returned to growth on a constant currency basis despite a challenging macroeconomic environment.
Paramount achieved its 10th straight quarter of year-over-year adjusted operating income improvement and is on-track for full-year profitability this fiscal year.
We also demonstrated the continued transformation of our business with an increase in total revenue, year-to-date adjusted operating income, and—for the 6th consecutive quarter—adjusted diluted earnings per share from continuing operations.
Operationally, our strategy to evolve Viacom for the future is also working.
Our Ad Sales results were strong because of our hard work shifting our strategy and scaling Advanced Marketing Solutions (AMS) to engage advertisers in new and compelling ways beyond traditional linear television spots.
Pluto TV was a key contributor to AMS’ success as monthly active users grew, its content offering expanded and its distribution broadened globally — clearly showing our investment is paying off.
Our cable networks continued to hold the #1 share of U.S. basic cable viewing across our key demos, with hits like Yellowstone on Paramount Network, The Hills: New Beginnings on MTV, and Ryan’s Mystery Playdate on Nick.
And Paramount continued to deliver at the box office with wins like Rocketman and Pet Sematary, and scale its TV production business with titles like Hulu’s Catch-22, Netflix’s 13 Reasons Why, and more.
I know there continues to be a lot of speculation in the press about the future of our company and what that could look like, but the performance this quarter is a testament to your hard work and focus, and I can’t tell you how grateful I am for that. As we did last year, we’ll hold our Q3 Bob Live in early September when people are back from their well-deserved summer vacations, and I promise you if there’s anything more than speculation to report, I will be in touch.
We have a lot to be proud of, and I want to thank you again for everything you’ve done to make Q3 such a success!
- See our earnings release for additional detail, including regarding non-GAAP financial measures