ViacomCBS Reports a Loss While Trying to Expand into Streaming
Less than three months after Viacom and CBS completed a merger agreement, the new ViacomCBS (NASDAQ: VIAC) (NASDAQ: VIACA) is moving swiftly to make a big splash in video streaming.
But the company just reported a loss for its first quarter since the transaction. The net loss of $0.44 per share was lower than analysts' estimates of $1.32, or $1.41 on an adjusted basis. That huge miss sent the shares crashing, but CEO Bob Bakish sees a bright future.
During the fourth-quarter call, Bakish said, "ViacomCBS is one of the largest content producers and providers in the world, and that is an incredibly exciting and valuable place to be at a time when both consumer and commercial demand for premium content is only growing."
Source Fool.com
