Due to continuing the current difficult economic environment, Viacom today revised its full year results are expected in 2008. Viacom expects its full year 2008 earnings per share will be from single-digit to low double-digit growth.
According to preliminary statistics, Viacom expects its third quarter 2008 adjusted diluted earnings per share in the range of about 0.53 to 0.55 U.S. dollars between, FactSet Research survey of analysts on average expected the company's share in the third quarter Profit of 62 cents. The company said its third-quarter performance will be the world's advertising revenue has dropped by nearly 2%. In the United States, including advertising revenue fell by about 3% in overseas markets, ad revenue grew by about 8%. Viacom said that its associated companies and subsidiaries in the third quarter were double-digit revenue growth.
Viacom President and Chief Executive Officer Philippe Dauman, said: "Due to rapid economic decline and the resulting increase in advertising forecast uncertainty, so we are taking prudent measures to secure the achievement of our short-term Goal. At the same time, we are trying to adapt to the rapidly changing environment and will take appropriate measures to ensure that the new efficiency, which will contribute to our long-term earnings growth prospects. "
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