Viacom Thanks Rock Band For Q1 Numbers

What helped cable giant Viacom beat the Street consenus for Q1? A video game.

Revenues: $3.12 billion, up 15% y/y, vs. $2.97 billion consensus.

EPS: 44 cents excluding one time charge, vs. 41 consensus.

Operating income: $567 million, up 29% y/y

Top-line growth at Viacom's Media Networks unit, which accounts for the bulk of sales and profits, bumped up 16%, and the company attributed that to its blockbuster "Rock Band" videogame. That gives us a little bit of pause, since we expected to hear about ad money flowing into cable, but Viacom's release doesn't play up the success of its domestic TV properties. Perhaps we'll hear more at the 8:30 conference call.