Star Trek” and “Sonic” fans excited with the news from its investor day on Tuesday, but Wall Street was not impressed as the company’s stock took a big hit on Wednesday, taking AMC Networks down with it.
At opening, ViacomCBS — which is soon to rebrand itself as Paramount — saw its stock drop nearly 18% to $29.58 per share, while AMC Networks fell 15% at around $37.95 per share.
While both companies reported a big boost in streaming subscriptions and revenue, with ViacomCBS reporting $1.3 billion in global streaming income, ViacomCBS missed its earnings projections for the quarter.
Meanwhile, Bank of America downgraded its rating for ViacomCBS from “buy” to “neutral” despite the company’s bullish expectation that it can reach 100 million subscribers for Paramount+ and Showtime within the next two years, up from its previous projections of 65-75 million.
Read more on thewrap.com
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