Vivendi Narrows Loss in First Quarter

Vivendi Universal said its first-quarter loss narrowed to $7.3 million from $344 million a year earlier.

Revenue declined 4% to $7.3 billion, the French conglomerate said.

Earnings rose 15% to $298 million at Vivendi Universal Entertainment, the company’s U.S. movie and TV affiliate, mostly because of results from its Universal Television Group and improvements at its Universal Parks and Resorts division. Operating income at Universal Pictures Group was down 13%.

Universal Music Group narrowed its operating loss to $19 million as cost cutting helped counter the broader decline in recorded music sales. But Vivendi Universal Games had a wider operating loss of $54 million.

Vivendi’s U.S. shares rose $1.49 to $25.67 on the New York Stock Exchange.