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Investing.com — Paramount International (NASDAQ: PARA) reported third-quarter earnings that surpassed analyst expectations, whereas income fell wanting estimates. The media firm’s inventory edged down 0.35% following the discharge.
Paramount posted adjusted earnings per share of $0.49, beating the analyst consensus of $0.24 by $0.25. Income for the quarter got here in at $6.73 billion, lacking the $6.94 billion estimate and declining 6% YoY from $7.13 billion.
The corporate’s Direct-to-Client (DTC) section confirmed sturdy development, with income growing 10% YoY to $1.86 billion. Paramount+ added 3.5 million subscribers within the quarter, bringing its whole to 72 million. The DTC section achieved profitability for the second consecutive quarter, with adjusted OIBDA bettering by $287 million YoY to $49 million.
TV Media income decreased 6% to $4.3 billion, primarily as a consequence of decrease affiliate income and fluctuations in licensing income. Filmed Leisure income fell 34% to $590 million, reflecting fewer theatrical releases in comparison with the prior yr.
“Our hit content material drove sturdy efficiency in Q3 the place Paramount+ added 3.5 million new subscribers, solidifying our place because the #4 international SVOD service,” mentioned George Cheeks, Chris McCarthy & Brian Robbins, Co-CEOs of Paramount International. “Our DTC section efficiently delivered profitability for the second quarter in a row, bettering by greater than $1 billion over the previous 4 quarters.”
The corporate additionally famous it’s advancing $500 million in annual run price value financial savings as a part of its efforts to streamline operations. Paramount expects to shut its beforehand introduced Skydance transactions within the first half of 2025, topic to regulatory approvals and customary closing situations.
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