ViacomCBS quarterly revenue misses estimates (updated)

Paramount Global

24/02/2021 21:12

(Adds background, net income)
    Feb 24 (Reuters) - ViacomCBS Inc  VIACA.O  reported
lower-than-expected quarterly revenue on Wednesday, as the
COVID-19 pandemic brought forth content production delays and
cut film revenue, despite steady demand for its streaming
services CBS All Access and Showtime. 
    Ahead of its Paramount+ launch, a rebranded version of CBS
All Access, the company has been scrambling to distinguish
itself from bigger players including Netflix, HBO Max and
Disney+ in the crowded over-the-top (OTT) market and attract
more subscribers. 
    The company's revenue rose 3% to $6.87 billion in the fourth
quarter ended Dec. 31, but came in below estimates of $6.89
billion, according to IBES data from Refinitiv.
    Net earnings attributable were $783 million, or $1.26 per
share, compared with a loss of $302 million, or 49 cents per
share, a year earlier.

 (Reporting by Eva Mathews in Bengaluru; Editing by Maju Samuel)
 ((Eva.Mathews@thomsonreuters.com;))