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Stock Alert: ViacomCBS Stock Up 19% In Premarket

Shares of ViacomCBS Inc. (VIAC) are rising over 19% in pre-market today, following the company's better-than-expected Q1 results.

The company's Q1 net income from continuing operations was $508 million, or $0.82 per share, compared to $1.95 billion, or $3.15 per share, last year.

Non-GAAP adjusted net income was $699 million or $1.13 per share versus $898 million or $1.46 per share in the prior year period.

Revenue for the quarter fell 6.1% to $6.67 billion from $7.10 billion last year.

Analysts polled by Thomson Reuters expected earnings of $0.94 per share and revenue of $6.58 billion for the quarter. Analysts' estimate typically exclude certain special items.

Separately, ViacomCBS and Google announced a comprehensive, multi-year distribution agreement to deliver more content from ViacomCBS' portfolio of news, entertainment and sports networks for YouTube TV subscribers. Financial terms remain undisclosed.

In addition to featuring continued carriage of CBS broadcast stations, CBS Sports Network, Pop TV, Smithsonian Channel, and The CW, the expanded agreement introduces 14 ViacomCBS channels to the live TV and on-demand subscription service.

The deal also includes a continued commitment to distribute ViacomCBS' premium subscription services, including SHOWTIME, on YouTube TV, as well as an extended partnership on the broader YouTube platforms.

The stock has been trading in the range of $10.10 - $53.71 for the past one year, and closed Wednesday's trade at $14.88, down 38 cents or 2.49%. VIAC is currently trading at $17.82, up $2.94 or 19.76% in the pre-market session.

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