Paramount Global Delivers Surprise Quarterly Profit Amid Revenue Miss
(Source – CNBC) Paramount Global , in its fourth-quarter earnings report on Wednesday, defied Wall Street’s revenue expectations but pleasantly surprised investors with a quarterly profit , buoyed by robust performance from its streaming platform Paramount+. The financial results for the last quarter of 2023, compared to Wall Street estimates from LSEG, formerly Refinitiv, revealed the following: Earnings per share: 4 cents, surpassing the anticipated loss of 1 cent Revenue: $7.64 billion, slightly below the expected $7.85 billion During the final quarter of 2023, Paramount recorded a profit of $514 million, or 77 cents per share, a substantial increase from $21 million, or 1 cent per share, in the previous year. Adjusted for one-time items, earnings per share stood at 4 cents for the period. Paramount+ Growth Highlights Quarterly Performance Paramount, housing renowned brands such as CBS, Showtime, BET, Nickelodeon, and its eponymous movie studio, reported a 6% year-over-y...