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5/7/2020, 1:05 PM (Source: TeleTrader)
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ViacomCBS posts Q1 revenue of $6.67B

ViacomCBS Inc. said on Thursday its revenue in the first quarter of 2020 stood at $6.67 billion, beating the estimates. Adjusted earnings per share were $1.13.

This represents a decline of 74% compared to the last year. The company's operating income was $917 million, marking a 6% fall compared to the same time period last year.

"ViacomCBS delivered solid results in our first full quarter, including sequential improvement on key financial metrics, as well as clear operating momentum. In the wake of the COVID-19 pandemic, we also took decisive action to fortify our balance sheet, protect our employees and help communities in need. I thank ViacomCBS employees around the world for their adaptive creativity and continued focus on serving our audiences, commercial partners and shareholders amid these unprecedented circumstances." Viacom Chief Executive Officer Bob Bakish commented.

Shortly after the financial report was published, ViacomCBS shares rose 4.84% in premarket trading.

Breaking the News / TF