Shares of Paramount Global
PARA,
jumped 9.5% after hours on Thursday after the film, entertainment and streaming giant reported third-quarter results that beat expectations. The company reported adjusted earnings per share of 30 cents, down from 39 cents a year ago but above FactSet estimates for 11 cents. Revenue rose to $7.13 billion from $6.92 billion in the prior-year quarter. Wall Street expected $7.11 billion in revenue. The company reported the results as investors press for stronger profitability among streaming services. Paramount, in its earnings release on Thursday, said it “continues to progress on the path to streaming scale and profitability.” The company also highlighted strong viewership for the NFL on CBS and strong gains in sales at movie theaters, driven by franchise films like “Mission: Impossible – Dead Reckoning Part One” and “Teenage Mutant Ninja Turtles: Mutant Mayhem.” The company on Thursday also announced cash offers for up to $1 billion for some debt.
Read the full article here