Paramount Beats Q2 expectations Backed By CBS, Paramount+, Theatrical Releases

Paramount Global PARA reported second-quarter FY22 revenue growth of 19% year-on-year to $7.78 billion, beating the consensus of $7.52 billion.
Global streaming subscribers rose to over 64 million, adding 5.2 million total subscribers.
Paramount+ added 4.9 million subscribers in the quarter, bringing Paramount+ total subscribers to almost 43 million.
Pluto TV grew global Monthly Active Users to nearly 70 million.
TV Media revenue rose 1% Y/Y to $5.26 billion, reflecting growth in content licensing revenues. CBS was the most watched broadcast network for the 20th consecutive second quarter.
Direct-To-Consumer revenue grew 56% Y/Y to $1.19 billion. Direct-To-Consumer: Subscription revenue grew 74% Y/Y to $830 million, reflecting paid subscriber growth on Paramount+.
Advertising revenue increased 25% Y/Y to $363 million, reflecting growth from Pluto TV and Paramount+ driven by improved pricing and impressions.
Filmed Entertainment revenue increased 126% Y/Y to $1.36 billion, led by the current quarter's theatrical releases.
Adjusted EPS of $0.64 beat the consensus of $0.57.
Paramount held $4.04 billion in cash and equivalents.
Price Action: PARA shares traded higher by 0.70% at $28.84 on the last check Thursday.

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