Paramount Global Inc. (PARA) saw its shares drop 3% in premarket trading Thursday after it reported a fourth-quarter net loss of $177 million and adjusted earnings of 8 cents a share, lower than the expected 24 cents. Revenue was slightly above expectations at $8.13 billion. The company recorded a record 10.8 million direct-to-consumer subscribers in the quarter, with Paramount+ revenue up 81%.
Shares of Paramount Global Inc.
PARA,
were off about 3% in premarket trading Thursday after the media giant fell a bit shy of revenue expectations for its latest quarter while also recording a loss. The company posted a fourth-quarter net loss from continuing operations of $177 million, or 29 cents a share, whereas it logged net income from continuing operations of $2.0 billion, or $3.05 a share, in the year-prior period. On an adjusted basis, Paramount earned 8 cents a share from continuing operations, down from 26 cents a share a year before, while analysts tracked by FactSet were expecting 24 cents a share. Revenue inched up to $8.13 billion from $8.00 billion, while analysts were modeling $8.17 billion. The company added 10.8 million direct-to-consumer subscribers in the fourth quarter, 9.9 million of which were for Paramount+. The Paramount+ subscriber growth was a record, according to the company’s release. DTC revenue was up 30% from a year before, with Paramount+ revenue ahead 81%.
