ViacomCBS inventory rallies after earnings beats expectations, as streaming income jumps 65%


Shares of ViacomCBS Inc.
VIAC,
-2.16%

surged 2.9% in premarket buying and selling Thursday, after the media and leisure firm reported first-quarter revenue and income that rose above expectations, boosted by a 65% soar in streaming income. Web revenue rose to $911 million, or $1.44 a share, from $516 million, or 84 cents a share, within the year-ago interval. Excluding nonrecurring objects, adjusted earnings per share rose to $1.52 from $1.12, to beat the FactSet consensus of $1.23. Income grew 14% to $7.41 billion, above the FactSet consensus of $7.32 billion. Streaming income rose 65% to $816 million, with world streaming subscribers growing 20% to 36 million. On the corporate’s Paramount+ streaming platform, the largest drivers of subscription signal ups had been reside sports activities and specials, in addition to youngsters content material. TV Leisure income rose 19% to $3.51 billion, cable community income grew 14% to $3.26 billion and filmed leisure income rose 23% to $997 million. ViacomCBS’s inventory has tumbled 27.7% over the previous three months however has gained 4.9% 12 months so far, whereas the S&P 500
SPX,
+0.07%

has tacked on 11.0% this 12 months.



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