ViacomCBS beats revenue estimates as lockdowns boost demand for streaming

Media company ViacomCBS Inc on Thursday beat Wall Street revenue estimates for the first quarter on higher demand for entertainment from people hunkered down at home under coronavirus-led lockdowns.

Revenue fell to $6.67 billion in the quarter ended March 31, from $7.1 billion, a year earlier, beating the average analyst estimate of $6.59 billion, according to IBES data from Refinitiv.

Domestic streaming and digital video revenue jumped 51% to $471 million from a year earlier.