ViacomCBS on Thursday reported lower but better-than-expected second-quarter earnings and a 27 percent drop in advertising revenue for the first full three-month period affected by the novel coronavirus pandemic.
The company's film unit profit rose compared with the year-ago period though. In its third financial update since the recombination of Viacom and CBS Corp.
in December, the company exceeded Wall Street forecasts for various financial metrics, reported an increase in streaming subscribers and raised its synergy target for the merger that created it.
ViacomCBS, led by CEO Bob Bakish, had previously said that the biggest advertising hit was expected in the second quarter, while ratings and streaming momentum had been stronger early in
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