5 Stocks that Beat Earnings Estimates

1. ViacomCBS Inc. (NASDAQ: VIAC)

Number of Hedge Fund Holders: 89

Strong streaming revenue and solid year-over-year growth in subscriptions drove ViacomCBS’ financial results for the second quarter. The mass media and entertainment company reported earnings of $1.50 per share, well above 83 cents per share in the same period last year. On an adjusted basis, the company earned 97 cents per share, just ahead of the consensus forecast of 96 cents per share.

Revenue came in at $6.564 billion, compared to $6.075 billion in the year-ago quarter. Analysts, on average, were looking for $6.488 billion. If we look at the performance of key segments, ads revenue jumped 24 percent on a year-over-year basis amid exclusive broadcasts of several sporting events during the quarter.

Moreover, affiliate revenue increased 9 percent, mainly due to expanded distribution. In comparison, streaming revenue skyrocketed 92 percent on a year-over-year basis, fueled by robust growth in advertising revenue across ViacomCBS’ digital video platforms.

Speaking on the results, CEO Bob Bakish said, “In a quarter of strong business performance, including growth in advertising and affiliate, streaming was a standout. We continued to accelerate our global streaming momentum and delivered phenomenal results across our flagship streaming services. For the second consecutive quarter, Paramount+ fueled more than 6 million additions to our global streaming subscription base, which now reaches over 42 million. This growth was driven by the power of the service’s differentiated content strategy and expanding content slate. Looking ahead, we’re excited about our opportunity to build on this momentum, as we scale Paramount+’s content offerings across genres and expand our reach with global audiences.”

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