Paramount Global posted mixed third quarter financial numbers as its TV and film divisions dipped, but bosses are pointing to solid subscription growth and profits at Paramount+ and cost reductions as signs their plan is “working.”
Revenues for Q3 were $6.73 billion, down 6% year-on-year, but adjusted earnings per share were up 63% at 49 cents, outperforming expectations. Wall Street analysts’ consensus forecast had called for earnings of 24 cents a share, down from 30 cents in the year-ago period, with revenue declining to $6.95 billion from $7.13 billion. Adjusted OIBDA was up 20% at $858 million.
Direct-to-consumer revenue was a particular high spot, up 10%, with Paramount+ adding 3.5 million subscribers to push its total up to 72 million and solidify its spot as the fourth-largest global SVOD streamer. Revenue was up 10% to $1.86 billion and adjusted earnings swung from a $238 million loss in
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