Paramount Global reported its fourth-quarter earnings, revealing a mixed financial performance. The company fell short of revenue expectations with a 6% decline in sales, totaling $7.63 billion, primarily due to a sharp downturn in movie revenues and an 11% decline in TV ad revenue. Despite the revenue shortfall, Paramount posted a surprise profit, with an adjusted diluted EPS of $0.04 and a diluted EPS of -$0.02. The streaming segment showed strong results, with Paramount+ reaching 67.5 million subscribers, a growth fueled by a 4.1 million subscriber addition in Q4. The company's streaming losses narrowed to $490 million, and it projects domestic streaming profitability by 2025. Paramount's performance reflects the broader challenges in the streaming era, including intense competition and a weak advertising market.
Each month, Paramount+ adds new movies and TV shows to its library. Here is the best of what’s new on Paramount+ for March 2024: ‘The Brady Bunch Movie,’ ‘Wayne’s World,’ ‘William Shakespeare’s Romeo + Juliet,’ and more. https://t.co/XcZhXLezR2
Paramount Global Picks Up 4.1m Streaming Subscribers https://t.co/rHcvVSqpKa https://t.co/ym5OoQHEAo
Paramount+ is starting to hit its peak. https://t.co/7kXSrpsPXr
$PARA (+1.8% pre) Paramount Global’s Earnings Show Its Challenges in the Streaming Era https://t.co/1kcdTvFasK
Per Paramount Global, Paramount+ added 4.1M subscribers in Q4, to end the Q with 67.5M. CEO Bob Bakish: We now expect to reach domestic Paramount+ profitability in 2025.
Paramount Global reports surprise Q4 profit, strong streaming, but legacy declines https://t.co/rZuzyym8Ip
Paramount falls short of revenue expectations but posts surprise profit, strong streaming results $PARA https://t.co/mQ9uUXgR7e
Paramount puts up a surprise adjusted profit, as higher streaming prices boost revenue https://t.co/oe6IROIpjf
Paramount Q4 Revenue Falls 6% to $7.63 Billion, Dragged Down By 11% Decline in Ad Revenue https://t.co/diKkgYkUKa
Paramount misses quarterly revenue estimates as weak ad market offsets streaming gains https://t.co/FELP9JByBk https://t.co/3lUJZkURtB
Paramount's quarterly revenue misses estimates amid intense competition from streaming rivals and a weak advertising market. https://t.co/h4WPFNYh55
Paramount anticipates profitability on streaming by 2025 https://t.co/63SGStpcWm https://t.co/xTBpEzvkZ2
Paramount misses revenue estimates as weak ad market offsets streaming gains https://t.co/GoODJAW6db https://t.co/IswJJSHQ5z
Paramount Global’s Earnings Show Its Challenges in the Streaming Era https://t.co/qkq4iH9GUU
Paramount Global $PARA Earnings: - Diluted EPS of -$0.02 - Adjusted Diluted EPS of $0.04 - Revenue of $7.64 billion Bob Bakish, President & CEO, said: "Our disciplined execution and strong content offering drove our results in 2023, as we continue to evolve our business for… https://t.co/qHqZgqQpdN
Paramount, the parent of CBS, MTV and other networks, said fourth-quarter sales fell 6% to $7.64 billion, the result of shrinking advertising on traditional TV channels. https://t.co/zFxBdNkzOQ
Paramount says streaming losses peaked in 2022 as linear ad revenue plunges https://t.co/U8dIQToVpz by @allie_canal
Paramount falls short of revenue expectations but posts surprise profit, strong streaming results https://t.co/aM5YhrhP0Z
Paramount+ Hits 67.5M Subscribers As Streaming Loss Shrinks to $490M https://t.co/3IIleui6dB
Paramount Global Q4 Earnings Nip Wall Street Forecasts But Ad Decline Hits Revenue; Company Projects Domestic Streaming Profit By 2025 https://t.co/BPI6EgYkgd
Paramount Global out with earnings -- 67.5m Paramount+ subs now.
Paramount Global Q4 Sees Sharp Downturn in Movies and 15% TV Ad Decline, as Streaming Losses Narrow https://t.co/i6v4OZ7APj