ViacomCBS reported total revenue of $6.12 billion and earnings per share of 91 cents, exceeding Wall Street estimates but reflecting ongoing headwinds from COVID-19.
The consensus forecast called for earnings of 88 cents a share and revenue just shy of $6 billion. Revenue dipped 9% and earnings fell 17%.
Advertising pulled back 6% in the quarter, totaling $2.2 billion, compared with $2.3 billion in the same quarter in 2019.
The company has increasingly emphasized streaming, and said in its earnings release that it is on track to launch the rebranded Paramount+ in the first quarter of 2021.
Domestic streaming and digital video revenue rose 56% to $636 million, with subscription streaming revenue jumping 78% and Pluto TV’s advertising revenue more than doubling.
CBS All Access and Showtime’s streaming outlet combined to reach 17.9 million in the quarter.