Paramount Global Adds 3.5 Million Streaming Subs In Q3 But Revenues Fall 6% As TV & Film Dip

deadline.com:

Paramount Global posted mixed third quarter financial numbers as its TV and film divisions dipped, but bosses are pointing to solid subscription growth and profits at Paramount+ and cost reductions as signs their plan is “working.” Revenues for Q3 were $6.73 billion, down 6% year-on-year, but adjusted earnings per share were up 63% at 49 cents, outperforming expectations.

Wall Street analysts’ consensus forecast had called for earnings of 24 cents a share, down from 30 cents in the year-ago period, with revenue declining to $6.95 billion from $7.13 billion.

Operating income for Q3 2024 was $337 million. Direct-to-consumer revenue was a particular high spot, up 10%, with Paramount+ adding 3.5 million subscribers to push its total up to 72 million and solidify its spot as the fourth-largest global SVOD streamer.

Revenue was up 10% to $1.86 billion and adjusted earnings swung from a $238 million loss in the third quarter of 2023 to a $49 million profit — marking the second quarter in a row DTC has made money for Paramount, as Paramount+ price hikes.