• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION
No Result
View All Result
1
Home Lifestyle

ViacomCBS beats revenue, profit estimates as lockdowns boost demand for streaming

8 May 2020, 9:07 PM  |
Reuters Reuters |  @SABCNews
Netflix

The growth of streaming service Netflix Inc posted a strong net subscriber addition in the quarter.

Netflix

Image: Reuters

The growth of streaming service Netflix Inc posted a strong net subscriber addition in the quarter.

Media company ViacomCBS Inc on Thursday beat first-quarter revenue and profit estimates, as higher demand for its streaming services from people hunkered down at home more than offset a drop in advertising revenue due to the COVID-19 crisis.

The jump echoes the growth of streaming service Netflix Inc that also posted a strong net subscriber addition in the quarter.

ViacomCBS, which produces content for other streaming services in addition to distributing its own films and TV shows, has been preparing to launch a new streaming service that will build on CBS All Access.

ViacomCBS in March withdrew its forecast for the year, warning a hit from the damages caused by the virus, but reaffirmed its goal of exiting 2020 with 16 million domestic streaming subscribers.

Revenue fell 6.1% to $6.67 billion in the quarter ended March 31, but beat the average analyst estimate of $6.59billion, according to IBES data from Refinitiv.

Advertising revenue for the company fell 19% to $2.48billion, while revenue from domestic streaming and digital video jumped 51% to $471 million.

ViacomCBS said the fees it collected from cable and satellite operators rose 1.5% to $2.2 billion.

Adjusted earnings came in at $1.13 per share, beating analysts’ expectations of $0.96 per share, according to IBES data from Refinitiv.

The company reported a net income of $516 million, or 84cents per share, compared with $1.96 billion.

 

 

 

 

Share article
Tags: Netflix IncCOVID-19
Previous Post

FF Plus condemns the release of almost 19 000 prisoners

Next Post

Lockdown is doing more harm than good: DA

Related Posts

Humpback whales on 
South Africa's picturesque east and west coast.

Plettenberg Bay celebrates World Whale Heritage status ahead of Tourism Month

5 September 2023, 1:51 PM
Humpback whales on 
South Africa's picturesque east and west coast.

South Africa’s east and west coasts witness annual whale migration from Antarctica

24 July 2023, 8:33 AM
Bokamoso Arts Institute at the World Choir Games in Korea.

Bokamoso Chorus greeted with clamour, cheer after being crowned World’s Best Choir

15 July 2023, 11:05 AM
Morning commute traffic streams past the Meta sign outside the headquarters of Facebook parent company Meta Platforms Inc in Mountain View, California, U.S. November 9, 2022.

Meta to launch Twitter-like app Threads

4 July 2023, 7:24 AM
Side view of a bottle with salt...

NRF research shows SA salt restriction legislation effective despite high intake at home

29 June 2023, 12:07 PM
French Musician FKJ.

Popular music festival In the City welcomes French Kiwi Juice to Mzansi

22 June 2023, 6:35 PM
Next Post
John-Steenhuisen

Lockdown is doing more harm than good: DA

Most Viewed

  • 24hrs
  • Week
  • Month
  • Concern over exclusion of foreign nationals from Road Accident Fund
  • Cashless taxi service launched in Cape Town
  • Visitors planning to visit the Overberg region urged to postpone their trips
  • ANC building up in flames in Port St Johns
  • Western Cape on high alert following severe storm warning
  • High waves and rough water conditions force beach closures in the Western Cape
  • Prince Mangosuthu Buthelezi to rest in the town he built and nurtured
  • NSPCA files criminal case against Julius Malema for alleged animal cruelty
  • Snow, heavy rainfall expected in parts of KZN: SAWS
  • Cold-front sweeps across SA bringing snow and chilly temperatures
  • Six beaches in Durban flagged with high levels of E.coli
  • Eight killed due to electrocutions during heavy rains in Western Cape
  • Rescue efforts to resume on Wednesday for learners trapped at Oudtshoorn resort
  • KZN coastal areas on high alert as level 4 inclement weather warning issued
  • DA wants special inquiry into state capture in Nelson Mandela Bay

LATEST

A person holds a stop corruption board during a march
  • South Africa

SA heading towards a failed state if corruption is not addressed: PSC


[FILE IMAGE] A police vehicle on patrol
  • Politics

FF Plus calls for cleaning up of the police service


Zoleka Mandela
  • South Africa

INFOGRAPHIC | Zoleka Mandela’s life


Post Office at a mall
  • South Africa

Community of Lamontville sign petition to stop closure of local Post Office


Shopping cart loaded with groceries
  • South Africa

Food prices forcing less in shopping baskets: Dietician


Fallen trees block a road following storms that lashed the Western Cape
  • South Africa

Many Western Cape roads remain inaccessible


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION

© 2023

Previous FF Plus condemns the release of almost 19 000 prisoners
Next John-Steenhuisen Lockdown is doing more harm than good: DA