Media Giant ViacommCBS (NASDAQ:VIAC) reported lower, but better than expected second-quarter earnings despite its ad revenue falling 27% due to the COVID-19 pandemic…
However, the company did report that its domestic streaming and digital revenue rose to $489 million, up 25% year-over-year after they saw a 52% growth in streaming subscription revenue, while its film unit profit also increased compared to last year.
Its EPS came in at $1.25, beating the $0.93 estimates, with sales also beating the $6.17 billion estimates, coming in at $6.28 billion.
ViacommCBS’s CEO Bob Bakish said that the company “delivered another solid quarter, with clear operational momentum and sequential improvement in key earnings and cash flow metrics.”
And that “despite the impact of COVID-19 on revenue in the quarter, we’re successfully managing through the effects of the pandemic, reaffirming the strength of our combined operations.”
Bakish went on to say that ViacommCBS’s streaming service had achieved “achieved record users and revenue in free and pay.”
The company’s share price has surged premarket after the Q2 earnings report, currently trading at $27.55 in a 5.96% move higher. However, its share price is still down by 38.05% for the year to date.
Yesterday saw analysts at Morgan Stanley maintain ViacomCBS with an equal-weight and raise its price target from $19 to $25 per share.