Paramount Global (PARA)

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ViacomCBS CEO: Fantastic momentum in streaming revenue fueled Q2 results
Aug. 05, 2021 By: Brian Stewart, SA News Editor

Bob Bakish, president and CEO of ViacomCBS Inc. (NASDAQ:VIAC), said Thursday that "fantastic momentum" for its Paramount+ streaming service helped drive its better-than-expected revenue growth in Q2.

Before the opening bell, ViacomCBS (VIAC) reported a mixed earnings report. The media giant missed expectations with its non-GAAP EPS figure, but beat projections with its top line. Revenue rose 8% from last year to $6.56B.

Despite the lower-than-expected earnings, shares of VIAC jumped more than 5% in Thursday's intraday action, as investors focused on growth in its streaming business, including 6.5M customer additions.

Speaking to CNBC, Bakish highlighted the fact that the revenue-per-customer for its streaming service also increased in Q2, compared to both last year and the previous quarter.

These metrics allowed the company to almost double its streaming revenue, according to the ViacomCBS (VIAC) CEO.

"It's in a really good place," he said of the streaming business. "We're excited about the road ahead."

In response to the earnings report, VIAC jumped $2.28 in midday trading on Thursday, rising to $41.07.

Shares had slipped ahead of the report. The stock closed at $38.47 on Tuesday -- its lowest finish since April.