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Paramount reports surprise Q2 profit as subscriber growth jumps; Shares climb

Investing.com -- Paramount Global reported Monday an unexpected second-quarter profit as its investment in streaming content continued to attract new subscribers and growth. 

Paramount (NASDAQ:PARA) was up more than 3% in afterhours following the report.

The media and entertainment reported Q2 adjusted EPS of $0.10 on revenue of $7.62 billion, topping estimates for a loss of $0.02 on revenue of $7.45B. 

"In Q2, strong revenue growth was driven by subscriber growth and improvements in engagement and monetization. DTC remains on track to drive significant earnings improvement in 2024," the company said. 

Subscription revenue grew 47% to over $1.2B, driven by subscriber growth on Paramount+, which added 0.7M subscribers in the quarter reaching 61M in total.  

Global viewing hours on Paramount+ and Pluto TV were up 35% year-over-year.

The momentum in its streaming platform saw advertising revenue rise 21%.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.