Paramount Global (NASDAQ:PARA) shares are trading lower Wednesday morning after the company reported worse-than-expected financial results.
Paramount reported third-quarter revenue of $6.92 billion, which missed average analyst estimates of $7.02 billion, according to Benzinga Pro. The company reported quarterly earnings of 39 cents per share, which missed average estimates of 43 cents per share.
Paramount said advertising revenue decreased 3% year-over-year, while affiliate and subscription revenue declined 5% year-over-year.
Paramount+ added 4.6 million subscribers and grew revenue by 95%. Global subscribers rose to nearly 67 million during the quarter.
“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,” said Bob Bakish, president and CEO of Paramount.
Paramount ended the quarter with $3.4 billion in cash, as well as a committed $3.5 billion revolving credit facility that remains undrawn.
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PARA Price Action: Paramount has a 52-week high of $39.21 and a 52-week low of $17.91.
The stock was down 9.13% at $17.42 at time of publication.
