Paramount Global Stock Soars On Q3 Performance - Here's Why

Paramount Global PARA shares are climbing higher after hours following the company's third-quarter financial report.

Paramount Global reported adjusted earnings of 30 cents per share, beating the analyst consensus estimate of 10 cents per share. It clocked quarterly revenue of $7.13 billion, beating the consensus estimate of $7.099 billion.

Paramount reported that global viewing hours across Paramount+ And Pluto TV grew by 46%, and Paramount+ revenue grew by 61%. Paramount+ added 2.7 million subscribers in the third quarter, and the number of subscribers now totals over 63 million.

Bob Bakish, CEO of Paramount Global, stated, "We continue to execute our strategy and prioritize prudent investment in streaming while maximizing the earnings of our traditional business. In Q3, we successfully grew Direct-to-Consumer revenue and Paramount+ subscribers while narrowing DTC losses over 30%."

"In fact, we now expect DTC losses in 2023 will be lower than in 2022 – meaning streaming investment peaked ahead of plan. Looking ahead, we remain on the path to achieving significant total company earnings growth in 2024."

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PARA Price Action: According to Benzinga Pro, shares are up after hours by 11.60% at $13.30 at the time of publication.

Image: Courtesy of Paramount Global