Paramount: momentum in streaming, but movie business disappoints
(CercleFinance.com) - Paramount Global reported lower quarterly results on Friday, despite the strong performance of its video-on-demand business.
The American media and entertainment group saw its operating profit fall by 46% to $337m in the three months to end-September.
Excluding non-recurring items, however, EPS came in at 49 cents, above the Wall Street consensus of 24 cents.
In a press release, Paramount said it notably benefited from strong growth in its streaming services, starting with Paramount+, which attracted 3.5 million new members during the quarter.
The service is now positioned as the world's fourth-largest subscription video-on-demand (SVOD) platform.
The video-on-demand division posted a Q3 operating profit of $49m.
These strong performances - combined with those of its TV networks division (CBS, MTV, Nickelodeon, Comedy Central, BET, etc.) - were, however, partly offset by disappointing revenues from the film studio business.
The two major releases of the quarter, 'Without a Sound: Day 1' and 'Transformers: The Beginning', have so far generated only $261m and $127m at the global box-office.
Following this half-hearted publication, Paramount Global shares were expected to be little changed (+0.1%) at the opening of the New York Stock Exchange on Friday.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The American media and entertainment group saw its operating profit fall by 46% to $337m in the three months to end-September.
Excluding non-recurring items, however, EPS came in at 49 cents, above the Wall Street consensus of 24 cents.
In a press release, Paramount said it notably benefited from strong growth in its streaming services, starting with Paramount+, which attracted 3.5 million new members during the quarter.
The service is now positioned as the world's fourth-largest subscription video-on-demand (SVOD) platform.
The video-on-demand division posted a Q3 operating profit of $49m.
These strong performances - combined with those of its TV networks division (CBS, MTV, Nickelodeon, Comedy Central, BET, etc.) - were, however, partly offset by disappointing revenues from the film studio business.
The two major releases of the quarter, 'Without a Sound: Day 1' and 'Transformers: The Beginning', have so far generated only $261m and $127m at the global box-office.
Following this half-hearted publication, Paramount Global shares were expected to be little changed (+0.1%) at the opening of the New York Stock Exchange on Friday.
Copyright (c) 2024 CercleFinance.com. All rights reserved.