(Reuters) -ViacomCBS Inc on Thursday posted better-than-expected quarterly revenue, helped by more subscriber additions to its fast-growing streaming platforms and strong advertising sales.
A large part of the media giant’s businesses was buoyed by a rebound in the ad-spending environment, driven by the resumption of live sports.
That, coupled with viewers flocking to the company’s diverse cable and streaming network that includes PlutoTV, Comedy Central, Nickelodeon, Showtime and Paramount+ has bumped up subscription additions.
Revenue rose 13% to $6.61 billion in the third quarter ended Sept. 30. Analysts on average had expected $6.57 billion, according to Refinitiv data.
ViacomCBS’ streaming revenue rose 62% during the quarter to about $1.1 billion.
Operating income stood at $879 million, down from $903 million, a year earlier.
(Reporting by Eva Mathews in Bengaluru and Helen Coster in New York; Editing by Shailesh Kuber)
