- ORIGINAL NEWS
Paramount falls short of revenue expectations but posts surprise profit, strong streaming results
- SUMMARY
Paramount Global reported a quarterly profit despite missing revenue expectations.
Paramount+ streaming service saw significant growth, reaching 67.5 million subscribers and posting strong revenue increases.
The company is aiming for profitability for Paramount+ by 2025.
However, overall revenue declined due to weak advertising and filmed entertainment sectors.
Paramount has been considering sale options as the media landscape evolves, but talks with Warner Bros.
Discovery have paused.
The company recently laid off about 800 employees while TV media revenue decreased.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“Paramount+ reached 67.5 million subscribers during the period, a net increase of 4.1 million.”
“Paramount+, its flagship streaming service, reached 67.5 million subscribers during the period, a net increase of 4.1 million, and recorded 69% revenue growth year over year.”
Negative
“Paramount has struggled without a solid growth narrative, with shares down more than 50% over the past two years.”
“Revenue in Paramount’s filmed entertainment sector sank 31% year over year, driven by lower licensing revenue.”