ViacomCBS missed Wall Street forecasts for earnings per share in the fourth quarter, but added a record 9.4 million streaming subscribers and smashed revenue projections.
Wall Street analysts had expected earnings of 43 cents, but they came in at 26 cents on an adjusted, diluted basis compared with $1.04 in the year-earlier quarter.
Revenue of $8 billion, though, far outdistanced estimates for $7.51 billion, climbing 16%.
Investors seemed unnerved by the earnings miss, sending shares down more than 4% in after-hours trading after they had closed the regular session at $35.99.
Streaming was by far the standout category in terms of revenue, shooting up 48% to $1.3 billion on the top line. Advertising, by contrast, flatlined at $2.6 billion, up just 1% due to lower political spending and fewer linear impressions. Deadline