Skip to main content

ViacomCBS Higher After Earnings Beat Estimates

ViacomCBS, the New York media giant, swung to a stronger-than-expected fourth-quarter profit from a year-earlier loss on 3.3% higher revenue.
  • Author:
  • Publish date:

ViacomCBS, the New York media giant, swung to a stronger-than-expected fourth-quarter profit from a year-earlier loss on 3.3% higher revenue.

In the quarter, ViacomCBS, which has broadcast, cable, film and streaming businesses, earned $1.31 a share compared with a loss of 42 cents a share in the year-earlier quarter. The latest adjusted earnings from continuing operations were $1.04 a share.

Revenue reached $6.87 billion from $6.66 billion.

A survey of analysts by FactSet produced consensus estimates of GAAP earnings of $1.05 a share, or an adjusted $1.01, on revenue of $6.88 billion.

At last check, Viacom CBS Class B shares were trading up 0.6% at $66. They closed the regular Wednesday session up 1.9% at $65.60.

Scroll to Continue

TheStreet Recommends

Viacom CBS "finished the year with strong advertising and affiliate results that demonstrate the strength of our core businesses," President and Chief Executive Bob Bakish said in a statement.

The company noted that fourth-quarter revenue from streaming and digital video globally advanced 71% to $888 million. Worldwide, streaming subscribers rose 56% to nearly 30 million.

Monthly average users of Pluto TV, ViacomCBS's streamed cable-channel network and on-demand video service, jumped 80% to 43 million in the quarter. Pluto TV is free to viewers and is supported by advertising.

In television, CBS said it was the most-watched network in daytime and late-night. Fourth-quarter revenue in the segment slipped 0.4% to $3.11 billion from $3.13 billion. Revenue from affiliates rose 23%, offset by a 20% drop in content licensing. Ad revenue was off 1%.

In November, ViacomCBS said it had agreed to sell its Simon & Schuster publishing business -- home of Stephen King, Doris Kearns Goodwin and other writers -- to Penguin Random House for $2.18 billion cash. Random House, the world's biggest book publisher, is a subsidiary of the closely-held German media company Bertelsmann.