ViacomCBS (VIAC) Shares Down 4% on Q4 EPS Miss; Reports Record Subscriber Additions; Changes Name to Paramount

ViacomCBS (NASDAQ: VIACA) (NASDAQ: VIAC) shares were trading more than 4% lower after-hours following the company’s Q4 earnings miss, with EPS coming in at $0.26, worse than the consensus estimate of $0.43.

Revenue grew 16% year-over-year to $8 billion, above the consensus estimate of $7.51 billion, reflecting growth across all revenue types. Advertising revenue grew 1% year-over-year, and Affiliate revenue increased 2% year-over-year. Global Streaming Revenue increased 48% year-over-year to $1.3 Billion, driven by strength in subscription and advertising. Licensing and other revenue grew 45% year-over-year, reflecting a higher volume of licensing, including from the comparison against the impact in 2020 from Covid-related production shutdowns.

According to the statement from Bob Bakish, the president & CEO of ViacomCBS, the company’s success was spotlighted by streaming, where it achieved its best quarter ever in streaming subscription growth, with a record 9.4 million additions, reaching over 56 million total global streaming subscribers. The growth was overwhelmingly led by Paramount+, with 7.3 million additions, bringing Paramount+ total subscribers to 32.8 million. Furthermore, the company saw a 45% year-over-year growth in Pluto TV revenue (to over $362 million), as its global MAUs grew by 10 million during the quarter to reach over 64 million.

The company also announced it will change its name to Paramount starting on Wednesday in order to underscore streaming future.

You May Also Be Interested In

• Micron surges 5.5% on blockbuster Anthropic AI deal ahead of earnings
• Apple investigating exposure to Tata Electronics data breach, full analysis underway - Reuters
• Lockheed, RTX, Boeing, L3Harris expected to meet with Trump - WSJ