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ViacomCBS Takes Q2 Advertising Hit, Misses Wall Street Earnings Forecast But Beats On Revenue

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deadline.com
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Dade Hayes Finance EditorViacomCBS absorbed a blow to its advertising business from COVID-19 in the second quarter, beating Wall Street forecasts for earnings but clearing the bar for total revenue.Earnings of 77 cents a share came up short of the consensus expectation of analysts for 93 cents.

Revenue of $6.275 billion slid 12% from the same quarter a year ago but came in ahead of the $6.17 billion consensus.Advertising dropped 27% in the quarter, in line with other media companies hit by a widespread advertiser pullback during the pandemic.

The lack of sports programming also hit CBS, which broadcasts the NCAA men’s basketball championship, the Masters and other spring events.

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