Aug. 6 at 4:37 PM
Versant’s earnings once again showcased that live sports and news grab the most viewers and advertising dollars for traditional TV, despite ongoing pressure on the bundle as it loses customers to streaming alternatives.
The company beat Wall Street expectations on the top and bottom lines. Versant shares gained more than 10% in morning trading Thursday.
Here’s how Versant performed for its second quarter, ended June 30, compared with Wall Street’s estimates, according to LSEG:
Earnings per share:
$1.49 vs.
$1.35 expected
Revenue:
$1.64 billion vs.
$1.62 billion expected
Revenue for linear TV, which also includes channels USA Network, Syfy, Oxygen and E!, was down 6.3% during the quarter to
$954 million, due to subscriber declines.
$VSNT