ViacomCBS, in its second financial report since the recombination of Viacom and CBS Corp. in December and its first for a full quarter of the merged firm, on Thursday reported lower first-quarter earnings and revenue, including advertising revenue, as the novel coronavirus pandemic led to the cancellation of March Madness and the delay of a key film release.
The stock in pre-market trading jumped more than 16 percent as results exceeded Wall Street expectations and the company touted growth in streaming and an expanded carriage deal with YouTube TV.
The company said that advertising has been affected by the virus crisis, with the biggest hit expected in the current second quarter, while ratings and streaming momentum have been stronger..