23.4 C
New York
Sunday, July 3, 2022

ViacomCBS Inc. (VIAC) Stock on a Slide in Premarket, Here’s the Reason

ViacomCBS Inc. (VIAC), a media and entertainment company, has plunged 10.81% in premarket trading session and as a result, is trading at $32.10 at the time of the writing. During Tuesday’s regular trading session, the stock gained an increase of 2.74% and closed the day at $35.99. The slide in aftermarket could be attributed to the announcement of quarterly results, as the earnings results missed to come up to the analysts’ estimates.


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free.

Sponsored


Q4 and FY2021 Results

After the market closed on Tuesday, VIAC announced the results for Q4 and FY2021. The GAAP revenue for Q4 2021 was $8 billion against $6.8 billion for Q4 2020. The operating income for the quarter was $2.6 billion against $1.08 billion for the same quarter of fiscal 2020. The diluted EPS attributed to ViacomCBS was $3.05 against $1.26 for Q4 2020. The company generated total revenue of $28.5 billion during FY2021, an increase of 13% compared to fiscal 2020. The diluted EPS for fiscal 2021 was $6.69 as compared to $3.73 for the fiscal year 2020.

Financial Parameters

VIAC also provided an update regarding the financial metrics. The company had $6.3 billion in terms of cash and cash equivalents on 31st December 2021. It also had $3.5 billion in the revolving credit facility on the said date that has remained undrawn. The company generated $2.3 billion net proceeds from selling CBS studio centre, hence, making its financial position more strengthened.

VIAC Executive Commentary

Bob Bakish, President & CEO of VIAC, while commenting on the results said that the company’s success during the quarter was evident across all of its business lines. The streaming business had the best quarter in quite a while as evident from the massive increase in streaming subscriptions. The company is truly excited to continue building its powerful momentum via investments in content distribution and market expansion.

What’s Ahead for VIAC?

Analysts believe that several of the short-term signals are portraying an excellent picture for the stock in the upcoming few weeks. Hence, now is the best time to buy VIAC stock as it is expected to perform tremendously well in short term.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

[class^="wpforms-"]
[class^="wpforms-"]