Paramount Global Q2 Earnings Highlights: Studio Posts Revenue Miss, DTC Segment Up 13%, Closing Date For Skydance Merger
Portfolio Pulse from Chris Katje
Paramount Global (NASDAQ:PARA) reported Q2 revenue of $6.81 billion, missing the Street consensus of $7.21 billion. Adjusted EPS was 54 cents, higher than last year's 10 cents but not directly comparable. The DTC segment grew 13%, while TV Media and Filmed Entertainment saw declines. Paramount+ revenue increased 46% year-over-year, despite a subscriber drop. The company announced a merger with Skydance Media, expected to close in the first half of 2025.
August 08, 2024 | 8:32 pm
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Paramount Global reported Q2 revenue of $6.81 billion, missing estimates. The DTC segment grew 13%, and Paramount+ revenue increased 46% year-over-year. The company announced a merger with Skydance Media, expected to close in H1 2025.
Despite missing revenue estimates, Paramount's strong performance in the DTC segment and the announcement of a merger with Skydance Media have positively impacted investor sentiment, leading to a 5.78% increase in after-hours trading.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Paramount Global's Q2 earnings report showed a revenue miss but strong growth in the DTC segment. The merger with Skydance Media is expected to close in H1 2025, which could drive future growth.
The revenue miss was offset by strong growth in the DTC segment and positive news about the Skydance merger, leading to a positive market reaction.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100