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 story : ViacomCBS stock rallies after earnings beats expectations, as streaming revenue jumps 65% #FinanceUSA #StockMarketNEWS Shares of ViacomCBS Inc. surged 2.9% in premarket trading Thursday, after the

@stockMarketNEWS Thu 06 May, 2021

Posted in: #FinanceUSA #StockMarketNEWS

ViacomCBS stock rallies after earnings beats expectations, as streaming revenue jumps 65% #FinanceUSA #StockMarketNEWS
Shares of ViacomCBS Inc. surged 2.9% in premarket trading Thursday, after the media and entertainment company reported first-quarter profit and revenue that rose above expectations, boosted by a 65% jump in streaming revenue. Net income rose to 1 million, or .44 a share, from 6 million, or 84 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to .52 from .12, to beat the FactSet consensus of .23. Revenue grew 14% to .41 billion, above the FactSet consensus of .32 billion. Streaming revenue rose 65% to 6 million, with global streaming subscribers increasing 20% to 36 million. On the company's Paramount+ streaming platform, the biggest drivers of subscription sign ups were live sports and specials, as well as kids content. TV Entertainment revenue rose 19% to .51 billion, cable network revenue grew 14% to .26 billion and filmed entertainment revenue rose 23% to 7 million. ViacomCBS's stock has tumbled 27.7% over the past three months but has gained 4.9% year to date, while the S&P 500 has tacked on 11.0% this year.


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