ViacomCBS Inc Class B (NASDAQ:VIAC) shares are trading lower by 5.1% at $34.15 during Tuesday's after-hours session after the company reported fourth-quarter adjusted EPS results were down year-over-year.
ViacomCBS reported quarterly earnings of 26 cents per share, representing a 75% decrease over earnings of $1.04 per share from the same period last year. The company reported quarterly sales of $8.00 billion which beat the analyst consensus estimate of $7.49 billion by 7%. This is a 16% increase over sales of $6.87 billion the same period last year.
ViacomCBS says total company revenue increased 16% year-over-year in the fourth-quarter, reflecting growth across all revenue types. The company says quarterly global streaming revenue grew 48% year-over-year to $1.3 billion.
ViacomCBS noted the firm added a record 9.4M global streaming subscribers, overwhelmingly led by Paramount+, to reach over 56 million subscribers in the quarter, and achieved 84% year-over-year growth in streaming subscription revenue.
Bob Bakish, President & CEO stated: "In the fourth quarter you saw the power of strategy and strength of execution across the company. Our success was evident across all lines of business, and spotlighted by streaming, where we achieved our best quarter ever in streaming subscription growth - more than doubling our subscriber additions from last quarter with a record 9.4M additions, expanding our total global streaming subscribers to over 56M.And, to top it off, we saw meaningful acceleration in our global Pluto TV MAUs, to reach over 64M and generate over $1 billion in revenue in the year. This sets us up well for 2022, where I'm tremendously excited to continue to build on this powerful momentum - investing in global content, distribution, and market expansion - to further drive scale."
ViacomCBS is the recombination of CBS and Viacom that has created a media conglomerate operating around the world.
ViacomCBS has a 52-week high of $101.97 and a 52-week low of $28.29.
