{"id":244256,"date":"2021-05-06T23:54:07","date_gmt":"2021-05-06T20:54:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/viacomcbs-beats-profit-forecasts-on-super-bowl-ads-streaming-revenue\/"},"modified":"2021-05-06T23:54:07","modified_gmt":"2021-05-06T20:54:07","slug":"viacomcbs-beats-profit-forecasts-on-super-bowl-ads-streaming-revenue","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/viacomcbs-beats-profit-forecasts-on-super-bowl-ads-streaming-revenue\/","title":{"rendered":"#ViacomCBS beats profit forecasts on Super Bowl ads, streaming revenue"},"content":{"rendered":"

“#ViacomCBS beats profit forecasts on Super Bowl ads, streaming revenue<\/strong>”<\/p>\n

\n

ViacomCBS, the home of \u201cSpongeBob,\u201d \u201cStar Trek\u201d and \u201cBillions,\u201d beat Wall Street\u2019s first-quarter estimates, thanks to strong streaming revenue and advertising sales due to its broadcast of this year\u2019s Super Bowl. <\/p>\n

ViacomCBS said it added 6 million new streaming subscribers to both Paramount+ and Showtime, bringing the tally to 36 million. It did not offer a subscriber breakdown by service. The company added that it almost has 50 million subscribers in free, ad-supported TV service Pluto TV, which it acquired in 2019. <\/p>\n

Despite the results, shares of the New York-based company dipped over 3 percent in midday trading Thursday. <\/p>\n

The company, which includes Paramount Studios, CBS, Nickelodeon and Comedy Central, said net income rose 77 percent to $911 million, or $1.44 a share, from year-ago income of $516 million, or 84 cents a share. Adjusted EPS totaled $1.52, beating analysts\u2019 estimates of $1.22. Revenue grew 14 percent to $7.41 billion, bolstered by a 65 percent jump in streaming revenue to $816 million, as well as a 21 percent gain advertising sales to $2.68 billion.<\/p>\n

\u201cOur early momentum in streaming is a testament to the breadth and relevance of our differentiated offerings, as well as our opportunities for growth through Paramount+, as we continue to ramp the availability of live sports, original series<\/a> and blockbuster movies over the course of the year,\u201d said president and chief executive officer Bob Bakish.<\/p>\n

\"ViacomCBS
ViacomCBS reported adding 6 million new streaming subscribers to both its Paramount+ and Showtime properties.<\/figcaption>
GC Images<\/span><\/figcaption><\/figure>\n

During the quarter, the company also took advantage of an unusually lively market for its stock and issued new shares to raise $2.7 billion in capital.<\/p>\n

The company\u2019s stock has been on a wild ride in recent months, hitting an all-time high of $101.97 on March 15, or rising nearly 800 percent from its 2020 low-point nearly a year ago. But shares precipitously cratered to the $40-range where it has hovered in recent weeks, after the Archegos Captial Management saga. <\/p>\n

The New York-based company\u2019s stock crashed after the stock sale <\/a>on March 22. <\/p>\n

At the time, little-known hedge fund Archegos, which was backed by some of the biggest banks, including Morgan Stanley, Credit Suisse, Goldman Sachs and JP Morgan, owned big positions in ViacomCBS. The tepid response to the stock sale alarmed the banks, which called on the fund for more collateral. Archegos defaulted on the margin call, which set off a scramble among Wall Street banks that had financed its trades to start unwinding them.<\/p>\n

\"Archegos
Archegos Management Capital boss Bill Hwang<\/figcaption>
Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n

Since then, ViacomCBS\u2019 shares have remained stable in recent weeks, causing analysts to reverse earlier calls to \u201csell\u201d or \u201chold.\u201d Citi analyst Jason Bazinet recently upgraded ViacomCBS to \u201cbuy,\u201d citing its \u201cdigital pivot\u201d as it invests more in streaming through its Paramount+ service. <\/p>\n

Meanwhile, MoffettNathanson analyst Michael Nathanson gave the stock a \u201cneutral\u201d rating based on its stabilization after the Archegos blow up. <\/p>\n

Nathanson said that while shares will be supported by a \u201csimple growth narrative\u201d\u00a0from streaming, there are overall headwinds facing the company. The analyst pointed to increased competition in the streaming landscape as giants like Netflix, Disney+ and Amazon Prime Video continue to shell out the big bucks on content creation, as well as the acceleration of cord cutting, which impacts the firm\u2019s TV business. <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#ViacomCBS beats profit forecasts on Super Bowl ads, streaming revenue” ViacomCBS, the home of \u201cSpongeBob,\u201d \u201cStar Trek\u201d and \u201cBillions,\u201d beat Wall Street\u2019s first-quarter estimates, thanks to strong streaming revenue and advertising sales due to its broadcast of this year\u2019s Super Bowl. ViacomCBS said it added 6 million new streaming subscribers to both Paramount+ and Showtime,…<\/p>\n","protected":false},"author":1,"featured_media":244257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/05\/viacomcbs-reports-q1-earnings.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[104691,71939,2443,70237,26257,70359,1372,26655],"class_list":["post-244256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-5-6-21","tag-banks","tag-cbs","tag-corporate-earnings","tag-paramount","tag-stocks","tag-streaming","tag-viacomcbs"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/244256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=244256"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/244256\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/244257"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=244256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=244256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=244256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}