ViacomCBS Edges Q2 Estimates As Advertising Recovers And Streaming Rises

ViacomCBS edged Wall Street estimates in the second quarter, with revenue rising 8% to $6.56 billion and earnings per share coming in at 97 cents on an adjusted basis.

Analysts had expected earnings of 96 cents and revenue of $6.48 billion.

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Streaming revenue soared 92%, with advertising revenue more than doubling to $502 million. The company added 6.5 million subscribers in the quarter, reaching 42 million globally, and also announced a deal with Comcast’s Sky to roll out Paramount+ in Europe. The revamp and expansion of CBS All Access hit the U.S. in March and has gone to more than two dozen other global territories.

Along with streaming, advertising was a major theme in the quarter. Ad revenue rose 24% in the quarter, paced by CBS sports broadcasts, which didn’t exist in the same quarter a year ago due to Covid-19.