8/6, 1:05 PM (Source: TeleTrader)
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ViacomCBS Q2 revenue down 12% YoY to $6.28B

ViacomCBS Inc. reported on Thursday its revenue in the second fiscal quarter decreased by 12% per annum to reach $6.28 billion. Operating income fell 11% year-over-year to $1.29 billion, while net income dropped 51% to $478 billion. Diluted earnings per share were $0.77.

Advertising revenue declined 27% on a yearly basis, while publishing's declined 8%. Meanwhile, domestic streaming and digital video revenue grew 25% compared to last year, while affiliate revenue increased 2%. Theatrical revenue was immaterial due to the closure of movie theaters in response to the coronavirus pandemic.

"ViacomCBS delivered another solid quarter, with clear operational momentum and sequential improvement in key earnings and cash flow metrics. Despite the impact of COVID-19 on revenue in the quarter, we’re successfully managing through the effects of the pandemic, reaffirming the strength of our combined operations," CEO Bob Bakish said.

Breaking the News / MD