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How ViacomCBS's first-quarter profit tumbled? WATCH NOW!

  • May 08, 2020 08:56 PM AEST
  • Team Kalkine

ViacomCBS says first-quarter profit tumbled as the company suffered a 19 per cent decline in advertising revenue due in part to the cancellation of the NCAA "March Madness" men's basketball championship this year.

Gold MTF non-AMP

The New York owner of the CBS television network, MTV and the Paramount movie studio said overall revenue fell 6 per cent, to nearly $US6.67 billion, compared with $US7.1 billion in the year-earlier period.

The company posted net income of $US508 million, or 82 cents a share, compared with $US1.946 billion, or $US3.15 a share,in the year-earlier period.

Japanese video-game maker Nintendo Co. has scored a 33 per cent jump in annual profit, as people stuck at home turn to playing games amid the coronavirus pandemic. Kyoto-based Nintendo, which did not break down quarterly numbers, said on Thursday its sales for the fiscal year through March rose 9 per cent from the year before to 1.3 trillion yen ($A19.05 billion).

AMP has shelved a decision to divest its New Zealand wealth management operations, following the economic disruption of the COVID-19 pandemic.


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