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

May 08, 2020 08:56 PM AEST | By Team Kalkine Media

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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.

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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