Home Business News ViacomCBS stock rallies as profit matches expectations, revenue beats

ViacomCBS stock rallies as profit matches expectations, revenue beats

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ViacomCBS stock rallies as profit matches expectations, revenue beats

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Shares of ViacomCBS Inc.
VIAC,
+0.48%

rose 1.8% in premarket trading Thursday, after the media and entertainment company reported third-quarter profit that matched expectations and revenue that beat, amid strength in its streaming and TV entertainment businesses. Net income fell to $538 million, or 80 cents a share, from $615 million, or $1.00 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 76 cents from 83 cents, compared with the FactSet consensus of 76 cents. Revenue grew 13.2% to $6.61 billion, above the FactSet consensus of $6.56 billion, as streaming revenue rose 62% to $1.08 billion and TV entertainment revenue increased 24.2% to $2.92 billion. The company added 4.3 million global streaming subscribers in the quarter, bringing the total to nearly 47 million. The stock has lost 3.2% over the past three months through Wednesday, while the S&P 500
SPX,
+0.65%

has gained 5.9%.

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