Shares of Paramount Global (NASDAQ: PARA) were down in pre-market trading on Wednesday as earnings missed estimates in the third quarter. Adjusted earnings came in at $0.39 per diluted share, a fall of 49% year-over-year and missing analysts’ estimates of $0.46.
The media and entertainment conglomerate reported revenues of $6.92 billion, up 5% year-over-year but missing Street estimates by $130 million.
Bob Bakish, President & CEO commented, ” In the third quarter, Paramount continued to execute on our differentiated strategy anchored by our broad range of popular content, our diverse portfolio of platforms, and our truly global operating reach. That strategy continued to drive growth in subscriptions across our streaming platforms with Paramount+ adding 4.6M subscribers.”