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Paramount Global Hits Bumps In Q3, With Pay-TV Declines Offsetting Streaming Progress; Stock Drops In Pre-Market Trading
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deadline.com
deadline.comParamount Global shares slid in pre-market trading after the media company reported third-quarter financial results below Wall Street’s expectations.
While streaming service Paramount+ reached 46 million subscribers, up 4.6 million from the previous quarter, the broader picture was less upbeat.
Total revenue inched up 5% to $6.9 billion, while earnings per share tumbled 49% to 39 cents. Analysts had called for revenue of slightly more than $7 billion and earnings per share of 43 cents.
Paramount stock fell as much as 10% in pre-market trading, slipping below $18. Like most media and tech stocks, it has had a challenging 2022, falling nearly in half over the course of the year.
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