Paramount Global Class B (NASDAQ:PARA) shares are trading marginally higher by 0.8% to $12.80 Tuesday morning. The stock on Monday fell sharply after B of A Securities analyst Jessica Reif Ehrlich downgraded the stock from Buy to Underperform and announced a $9 price target.
On Monday, Paramount Global fell, reversing the gains it had made in the previous week, which were driven by the release of the company’s third-quarter financial report.
What Happened With Earnings Last Week?
Paramount Global exceeded expectations in their recent financial report, posting adjusted earnings of 30 cents per share, significantly surpassing the estimated 10 cents per share. They also outperformed in terms of quarterly revenue, with $7.13 billion compared to the expected $7.099 billion.
Furthermore, their streaming services, Paramount+ and Pluto TV, experienced substantial growth with a 46% increase in global viewing hours. Paramount+ revenue also grew by 61%, and they gained 2.7 million new subscribers in the third quarter, reaching a total subscriber count of over 63 million…Read More
According to data from Benzinga Pro, Paramount Global has a 52-week high of $25.93 and a 52-week low of $10.51.
