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ViacomCBS: Q1 beats consensus

( - ViacomCBS has reported Q1 2020 adjusted net profit from continued operations that is down 22% at 699 million dollars, meaning EPS of 1.
13 dollar, about twelve cent above the consensus.

The media and entertainment group, which was created by the merger completed last December, saw its revenues fall by 6% to 6.67 billion dollars, mainly due to a 19% fall in advertising revenues, with an unfavourable comparison basis.

ViacomCBS, which withdrew its annual targets in late March, due to the Covid-19 crisis, says it has taken a "Proactive Response... to significantly increase financial flexibility and materially reduce costs".

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