Shares of Paramount Global
PARA,
were falling more than 6% in premarket trading Wednesday after the media giant fell short of revenue and earnings expectations for its latest quarter. The company recorded third-quarter net earnings from continuing operations of $153 million, or 21 cents a share, down from $465 million, or 69 cents a share, in the year-before quarter. On an adjusted basis, the company earned 39 cents a share from continuing operations, compared with 76 cents a share a year before, while the FactSet consensus was for 45 cents a share. Revenue rose to $6.92 billion from $6.61 billion, while analysts were projecting $7.08 billion. The company disclosed that Paramount+ subscribers increased to 46 million during the latest quarter, a number that reflects inflows of 4.6 million subscribers as well as the removal of 1.9 million subscribers following the launch of SkyShowtime that replaced Paramount+ in Nordic countries. Direct-to-consumer revenue was up 38% in the quarter from a year before.
