Another high tech stock wall street trashed…… its now soaring!
ViacomCBS Inc. reported on Thursday its revenue in the first fiscal quarter of 2021 increased by 14% year-on-year to reach $7.41 billion. Diluted earnings per share were $1.42. The company’s operating income rose to $1.52 billion which marks a 69% jump compared to the first quarter of 2020, while net income was up 79% to $899 million. “In Q1, we accelerated our expansion in streaming with the launch of Paramount+ further enhancing ViacomCBS’ ecosystem of premium, pay and free services. The strong consumer response we have seen is evident in today’s numbers – we have grown global streaming revenue 65 percent year-over-year and we added 6M global streaming subscribers, driven by Paramount+, to reach 36M streaming subscribers globally. […] Our early momentum in streaming is a testament to the breadth and relevance of our differentiated offerings,” ViacomCBS Chief Executive Officer Bob Bakish stated. ViacomCBS shares rose 2.92% in pre-market trading shortly after the report was published.