ViacomCBS reported domestic streaming and digital video sales – which includes streaming subscription and digital video advertising revenue – rose to $489 million in the second quarter, up 25% year…
reported domestic streaming and digital video sales – which includes streaming subscription and digital video advertising revenue – rose to $489 million in the second quarter, up 25% year-on-year, driven by a 52% bump in streaming subscription revenue and robust growth at Pluto TV.
The stock popped higher in early trading on the numbers. The company said total ad revenue slumped 27% year-over-year, hit by the COVID-19 impact on global advertising demand and tough comparisons sports-wise to the year-ago quarter that included the broadcast of the national semifinals and championship games of the NCAA Tournament and professional golf.Consolidated revenue dipped 12% to $6.2 billion. Net profit from continuing operations plunged 51% to $478 million, or $0.77 a shares.
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