Paramount Global (NASDAQ:PARA) shares climbed over 3% Friday after the company posted better-than-expected second-quarter adjusted earnings, driven by gains in its streaming segment.
Adjusted EPS came in at $0.46, exceeding analyst expectations of $0.35. Revenue rose 1% year-over-year to $6.85 billion, narrowly missing the $6.87 billion consensus.
The direct-to-consumer segment led growth with a 15% annual revenue increase. Paramount+ saw revenue climb 23%, while subscription revenue jumped 24%. The segment delivered $157 million in adjusted OIBDA, a $131 million improvement year-over-year.
Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins said the company’s transformation into a streaming-first business is showing results, with streaming gains outpacing declines in traditional TV.
TV Media revenue declined 6% to $4.01 billion, but overall affiliate and subscription revenue grew 5%, softening the impact of linear revenue contraction.
