ViacomCBS earnings beat driven by streaming as Paramount+ adds more than 6 million subscribers for second straight quarter

ViacomCBS Inc. VIAC, -2.92% posted net income of $995 million, or $1.50 a share, for the second quarter, up from $453 million, or 83 cents a share, in the year-earlier period. Adjusted per-share earnings came to 97 cents, a penny ahead of the 96 cents FactSet consensus. Revenue rose to $6.564 billion from $6.075 billion, also ahead of the $6.488 billion FactSet consensus. Chief Executive Bob Bakish said streaming was a standout in the quarter as the company’s Paramount+ service added more than 6 million subscribers for a second straight quarter, boosting the customer base to more than 42 million. Ad revenue rose 24%, driven by CBS broadcasts of sporting events, which were absent last year due to the coronavirus pandemic. Affiliate revenue rose 9% and streaming revenue was up 92%. Theatrical revenue reflected the release of “A Quiet Place Part II” in the quarter, while there were no releases in he year-earlier quarter. Licensing and other revenue fell 36%, mostly due to COVID and to the licensing of the domestic rights to “South Park” last year. Shares were up 0.4% premarket and have gained 4% in the year to date, while the S&P 500 SPX, -0.09% has gained 17%. Market Watch