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Paramount Global Q4 Earnings Nip Wall Street Forecasts But Ad Decline Hits Revenue; Company Projects Domestic Streaming Profit By 2025

28.02.2024 - 21:45

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Paramount Global‘s earnings in the fourth quarter edged Wall Street forecasts, but a double-digit slide in advertising dragged down total revenue by 6%.

Revenue came in at $7.6 billion, while earnings totaled 4 cents a share. Analysts had expected a loss of 1 cent per share, but revenue of $7.84 billion.

Advertising, which faced tough comparisons with the midterm-election-boosted 2022 frame, declined 15% to $2.28 billion. The dual strikes of 2023 also affected the pipeline at CBS and other networks, further squeezing ad sales.

The company said it is forecasting that its domestic streaming business will turn profitable by 2025. It also said 2022 was the peak of streaming losses, confirming management commentary in recent months.

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