Viacom shares fell 7 percent after initially rising 4 percent following the announcement of quarterly earnings and revenue that beat analysts’ expectations on Thursday.

Here’s how the company did compared to what Wall Street expected:

  • EPS: $1.17 cents vs. $1.05 expected, according to Thomson Reuters
  • Revenue: $3.36 billion vs. $3.29 billion expected, according to Thomson Reuters

Bakish has spearheaded Viacom’s turnaround efforts since taking over in December. On Thursday, Bakish touted the company’s brands like MTV, Nickelodeon and Comedy Central as “the heart of Viacom.”

He said the company will explore merger and acquisitions opportunities to strengthen the company and accelerate its transition. Viacom held talks to acquire Scripps Network Interactive, but it was outbid by Discovery Communications last month.

Bakish deflected questions about the deal on a call with investors Thursday.

Viacom’s revenue grew 8 percent from the year-ago quarter. Theatrical revenues increased 189 percent thanks to “Transformers: The Last Knight” and “Baywatch.” International revenues grew 296 percent. Meanwhile, domestic revenues increased 85 percent.

Domestic advertising revenues declined 2 percent. The company said the change reflects higher pricing. International advertising revenues grew 14 percent.

Viacom’s Chinese partner Huahua has not paid Viacom for June as part of its slate financing deal, CEO Bob Bakish said on an earnings call.

“I would also like to the reiterate that we’ve been in business with HuaHua for a long time and may have and continue to be a valuable strategic operational and financial partner,” Bakish said.

Viacom’s operating income decreased 3 percent from the year-ago quarter. The company attributed the decline to restructuring and programming costs of $59 million.

Viacom beat earnings expectations for both the first and second quarters. The company reported operating income in the second quarter that was 43 percent lower than the year-ago quarter, which it attributed the decrease to restructuring costs.

Class B shares of Viacom are essentially flat this year.

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