Paramount Q3: Streaming Gains, Operating Income Declines

Media company Paramount Global (NASDAQ:PARA) reported third-quarter financial results Friday.

Here are the key highlights.

Paramount reported third-quarter revenue of $6.73 billion, down 6% year-over-year. The revenue total missed a Street consensus estimate of $6.95 billion.

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The company reported adjusted earnings per share of 49 cents, versus 30 cents per share reported in the second quarter of last year and a Street consensus estimate of 24 cents per share.

Revenue by segment totaled as follows:

TV Media: $4.3 billion, -6% year-over-year

DTC: $1.9 billion, +10% year-over-year

Filmed Entertainment: $590 million, -34% year-over-year

The company’s DTC segment was led by subscription revenue that was 7% higher and advertising revenue that grew by 18% year-over-year. The return of the NFL and UEFA, along with original series ...