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Paramount Global on Wednesday reported third-quarter revenue that was up 5% from a year ago, but the results missed expectations as it suffered from cord cutting and a drop in advertising revenue.
Its shares were down about 10% on Wednesday.
Here’s what the company reported compared with analysts’ expectations, according to Refinitiv:
- Adjusted EPS: 39 cents, vs 43 cents expected
- Revenue: $6.92 billion, vs $7.01 billion expected
Paramount said revenue for its TV media segment was down 5% to about $4.9 billion compared to the previous quarter, as pay-TV subscriber numbers declined. The unit includes broadcast network CBS and cable TV channels such as MTV, Nickelodeon and premium network…
Source cnbc.com
