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Paramount's Q3 EPS Beats Estimates at $0.49; Paramount+ Subscribers Reach 72 Million, Stock Rises

Nov 8, 2024, 12:42 PM

Paramount Global reported its third-quarter earnings, showcasing strong growth in its streaming division despite challenges in its traditional TV and studio segments. The company added 3.5 million subscribers to Paramount+, bringing the total to 72 million, surpassing expectations. Adjusted earnings per share came in at $0.49, beating the estimated $0.23, leading to a rise in the company's stock price. Revenue for the quarter was $6.73 billion, slightly below the anticipated $6.94 billion, with advertising revenue at $2 billion. The Direct-to-Consumer (DTC) segment saw an adjusted OIBDA increase of $287 million year-over-year to $49 million, reflecting revenue growth and cost efficiencies. Paramount reiterated its forecast that its streaming services will reach domestic profitability next year, despite expecting a loss in the streaming segment for the fourth quarter. The company's overall revenue was pressured by declines in its linear TV and studio businesses, although third-quarter advertising benefited from record political spending.