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The Paramount logo is displayed at Columbia Square along Sunset Blvd in Hollywood, California, on March 9, 2023. Patrick T. Fallon | AFP | Getty Images Paramount Global’s stock moved higher in extended trading Thursday after it reported strong revenue and subscription trends in its third-quarter earnings report. The after-hours move came on top of an already-strong day for the media giant. The stock closed more than 10% higher during the regular trading session Thursday. Paramount — home to brands such as CBS, Showtime, BET, Nickelodeon and its namesake movie studio — reported a 38% increase in revenue year over year. In the third quarter, streaming service Paramount+ saw 2.7 million net additions to its 63 million total subscriber count. The company also narrowed losses in its streaming segment to $238 million from $343 million a year ago. Here’s how Paramount performed in the third quarter compared to Wall Street estimates: Earnings per share: 30 cents vs. 10 cents per share expected, according to LSEG, formerly known as Refinitiv Revenue: $7.13 billion vs. $7.099 billion expected, according to LSEG For the period ending Sept. 30, Paramount reported a profit of $295 million, or 43 cents a share, up from $231 million, or 33 cents a share, a year earlier. Adjusted for one-time items, earnings per share were 30 cents during the period. “We continue to execute our strategy and prioritize prudent investment in streaming while maximizing the earnings of our traditional business,” CEO Bob Bakish said in the release. “Looking ahead, we remain on the path to achieving significant total company earnings growth in 2024.” Paramount and other media stocks closed higher Thursday as streaming device maker Roku surged 30% following its own stellar earnings report. The company said theatrical revenue increased 63% year over year, citing movies such as…

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Filed under: News - @ November 3, 2023 3:14 am