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ViacomCBS beats estimates for second-quarter revenue on streaming boost

ViacomCBS beats estimates for second-quarter revenue on streaming boost

FILE PHOTO: ViacomCBS headquarters is pictured in New York, New York, U.S. December 5, 2019. REUTERS/Kate Munsch

REUTERS: ViacomCBS Inc beat analysts' estimates for quarterly revenue on Thursday as coronavirus shut-ins of millions of American households boosted demand for streaming.

Stay-at-home orders have boosted demand for streaming services in the absence of live events and theater releases with both Netflix Inc and Walt Disney Co reporting strong streaming subscriber additions.

Streaming and digital video revenue, which includes subscriptions to CBS All Access and Showtime, rose 25per cent to US$489 million in the quarter, ViacomCBS said.

Domestic paying subscribers to its streaming services reached 16.2 million, up from 13.5 million in the first quarter.

Revenue from its filmed entertainment division, which includes Paramount Pictures, fell 26per cent to US$647 million.

The company said the fees it collected from cable and satellite operators rose 2per cent to US$2.19 billion in the quarter.

Revenue fell 12per cent to US$6.28 billion in the second quarter ended June 30, but came above estimates of US$6.27 billion, according to Refinitiv IBES data.

The company's net income fell to US$481 million, or 78 cents per share, in the second quarter, from US$977 million, or US$1.58 per share, a year earlier.

(Reporting by Kenneth Li in New York and Neha Malara in Bengaluru; Editing by Anil D'Silva)

Source: Reuters

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