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ViacomCBS beats quarterly revenue estimates on streaming strength -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A display of ViacomCBS’ logo at Nasdaq MarketSite celebrates the company’s merger in New York on December 5, 2019 (U.S.). REUTERS/Brendan McDermid/File Photo

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(Reuters) – ViacomCBS Inc (NASDAQ) Inc surpassed its fourth-quarter revenue estimates Tuesday due to more users subscribing to its streaming services and high advertising sales.

Paramount+’s top streaming service, Paramount+, gained 1 million subscribers within a week of November after the release of the family movie “Clifford the Big Red Dog”, the adult drama “Mayor Kingstown” as well as the concert “Adele: Only One Night”.

ViacomCBS grew its subscriber base to 56,000,000 in Q3 with 9.4 Million global streaming subscribers.

It also saw a resumption in live sports, as well as an increase in affiliate revenues at its cable networks. Affiliate revenue refers to fees that are collected from online and cable operators.

Refinitiv data shows that revenue increased 16% to $8Billion during the three-month period ending Dec. 31 compared to analyst estimates of $7.51B.

Comparable to $1.08 trillion a year prior, the operating income reached $2.66Billion.

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