ViacomCBS shares jump in pre-market trading as quarterly results exceed Wall Street expectations. Details:
The stock jumps as financials beat estimates and the firm, led by CEO Bob Bakish, says its"proactive response to COVID-19 included actions to significantly increase financial flexibility and materially reduce costs."
Domestic streaming and digital video revenue grew 51 percent to $471 million, while domestic streaming subscribers surpassed the 13.5 million mark. "CBS All Access and Showtime OTT delivered record subscribers, sign-ups and consumption, reflecting original programming, including," the firm said. Free streaming service Pluto TV’s domestic monthly active users grew to a record of 24 million-plus.
He added: "Importantly, we are just beginning to tap into the potential of our combined assets, and our growing scale, audience reach and earnings power will become even more apparent as the market rebounds and we put the power of our portfolio behind our streaming strategy.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New York Times expects ad revenue to plummet 50% in Q2, but broke its record for net new subscriptions in a quarterThe New York Times Company said it expects advertising revenue to fall between 50-55% year-over-year in the second quarter as impacts of the pandemic are hitting demand for advertisers. But the media company, which gets two-thirds of its revenue from subscriptions, said it added more than half a million net new digital subscriptions.
Read more »
Fox Revenue Surged 25% Last Quarter As It Beats Estimates On Strong Ad Growth Driven By SuperBowlFox said revenue for its fiscal third quarter ending in March jumped 25% to $3.44 billion, beating estimates, as ad revenues swelled 44% on SuperBowl LIV. The company announced numbers after the cl…
Read more »
Online ad market is recovering from coronavirus shock, but little else is clearFour tech companies that rely heavily on internet advertising for most of their revenue all saw a sharp drop in March as the global pandemic led to a major pause, and while some are seeing some incremental return to ad spending, no one wants to predict the second quarter.
Read more »
The ad world prepares for a return to the office - Business InsiderCEOs of WPP, Omnicom, and others are planning for how their workplaces will change, from smaller office footprints to routine temperature checks.
Read more »
TikTok is testing a new call-to-action ad option for influencer posts - Business InsiderTikTok's new partner program fits in with its efforts to capitalize on a growing user base with new features for brands to advertise, and for creators to monetize
Read more »