Viacom reported strong earnings today. The media giant saw its first quarter profit increase by 16 percent as cost cutting made up for a big decline in movie revenue. Viacom told investors it expects ad-revenue from its cable networks, like MTV, to improve this quarter. That sent shares up nearly four percent to $84.01.
Time Warner Cable
Time Warner Cable also saw a rise in fourth quarter profit. The cable operator’s revenue from its business services and residential high-speed data kept results afloat, despite a drop in subscribers. The company has rebuffed three takeover offers from smaller rival, Charter Communications. Shares rose 1.5 percent to $134.20.
The world’s biggest distilled drinks company, Diageo, said slow growth in Emerging Markets is taking a toll on liquor sales. The maker of labels like Johnnie Walker and Smirnoff, saw sales rise about two percent, but that was only half of what analysts expected. Shares tumbled down more than five percent to $120.48.
Investors ate up shares of Hershey’s today. Earnings rose by 24 percent. The candy maker’s market share for candy, mints and gum also rose in every measured channel for the third year in a row. The stock was up more than 2.5 percent to almost $100 a share.
Sales also surged at Whirlpool thanks to strong business in North and South America. But, earnings came in below analyst estimates because sales in Asia fell, primarily due to weakness in India. That worried investors. Shares plunged more than 6.5 percent to $132.22.
Facebook hit a record high after reporting better-than-expected quarterly earnings and revenue. Strong revenue from mobile ads is the reason for the beat. The social media company said overall more than half of its ad-revenue now comes from mobile. That impressed investors because Facebook just introduced mobile ads in 2012. Shares jumped 14 percent to $61.08.