VIAC - ViacomCBS dips as profits dip despite revenue beat streaming gains

ViacomCBS is lower after hours (VIAC -2.7%, VIACA -1.9%) following a mixed fourth-quarter earnings report where streaming and licensing led to a revenue beat but the the company's adjusted profits fell short. Revenues rose 16% to $8 billion, beating expectations for growth of 9%. Adjusted OIBDA fell by 73% year-over-year, though - to $147 million from $549 million - reflecting a heavier investment in Paramount+. In streaming, the company reached global subscribers of 56 million, with gains mainly due to Paramount+ (up 7.3 million to a total of 32.8 million). Showtime OTT also saw record sign-ups and engagement, and the company notes its joint venture with Comcast, SkyShowtime, will launch in 90 million European homes later this year. As for ad-supported streaming, Pluto TV revenues grew 45% to $362 million, and monthly active users grew by 10 million to surpass 64 million total. Revenue by type: Advertising, $2.63 billion (up

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ViacomCBS dips as profits dip despite revenue beat, streaming gains