The Paramount logo is displayed at Columbia Square along Sunset Blvd in Hollywood, California on March 9, 2023.Paramount Global's stock jumped in extended trading Thursday after it reported strong revenue and subscription trends in its third quarter earnings report.
Paramount – home to brands like CBS, Showtime, BET, Nickelodeon and its namesake movie studio – reported a 38% increase in revenue year-over-year. In the third quarter, streaming service Paramount+ saw 2.7 million net additions to its 63 million total subscriber count. The company also narrowed losses in its streaming segment to $238 million from $343 million a year ago.Earnings per share:$7.13 billion vs. $7.
"We continue to execute our strategy and prioritize prudent investment in streaming while maximizing the earnings of our traditional business," CEO Bob Bakish said in the release. "Looking ahead, we remain on the path to achieving significant total company earnings growth in 2024."following its own stellar earnings report.
Paramount also expects full-year streaming losses in 2023 to be lower than last year. Overall revenue in the segment jumped 38% to $1.69 billion from a year earlier.
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