ViacomCBS quarterly revenue misses estimates
4:16 pm Wednesday, February 24th, 2021
(Reuters) – ViacomCBS Inc reported lower-than-expected quarterly revenue on Wednesday, as the COVID-19 pandemic brought forth content production delays and cut film revenue, despite steady demand for its streaming services CBS All Access and Showtime.
Ahead of its Paramount+ launch, a rebranded version of CBS All Access, the company has been scrambling to distinguish itself from bigger players including Netflix, HBO Max and Disney+ in the crowded over-the-top (OTT) market and attract more subscribers.
The company’s revenue rose 3% to $6.87 billion in the fourth quarter ended Dec. 31, but came in below estimates of $6.89 billion, according to IBES data from Refinitiv.
Net earnings attributable were $783 million, or $1.26 per share, compared with a loss of $302 million, or 49 cents per share, a year earlier.
(Reporting by Eva Mathews in Bengaluru; Editing by Maju Samuel)
