Viacom Profits Drop 68% (VIA)

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Viacom profits fell to $173 million, or $.28 per share, in Q408 — a 68% drop from $559.5 million in Q407. Much of that drop is the result of $454 million in restructuring charges Viacom blames on the recession.

Without that charge, Viacom earned $.76 per share, closer to analyst expectations.

Says Viacom CEO Philippe Dauman:

“There is no doubt that global economic conditions are difficult right now. Having worked through turbulent times before, I know that it is in such times that companies with strong, resilient assets distinguish themselves. With enduring brands and a proven leadership team, Viacom is well prepared to manage through this environment and thrive over the long term.”

Revenues were $4.24 billion. Here’s how Viacom breaks them out:

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