Paramount Global (NASDAQ:PARA) stock is falling on Wednesday after the entertainment company released earnings results for the third quarter of 2022.
Let’s begin with the company’s adjusted earnings per share of 39 cents. That’s disappointing next to Wall Street’s estimate of 43 cents per share. It’s also a 49% drop from the 76 cents reported in the same period of the year prior.
Next, we have to talk about Paramount Global’s revenue of $6.92 billion. This is another case of its missing analysts’ estimates, which were sitting at $7.01 billion. However, it does represent a 5% increase year-over-year from $6.61 billion.
Growing Subscribers Couldn’t Save PARA Stock
These misses come even as the company saw increases in subscribers. That includes Global DTC (direct-to-consumer) subscribers increasing from 4.7 million to 67 million. The company also saw Paramount+ grow to 46 million during the quarter. This resulted in a 38% increase in DTC YoY.
Paramount Global is hoping to pull in even more subscribers during the fourth quarter of 2022. The company notes that during that period, it will expand Paramount+ to France,
Germany, Austria, and Switzerland.
Paramount Global is also seeing heavy trading this morning with nearly 10 million shares on the move as of this writing. That’s closing in on its daily average trading volume of 10.2 million shares, as investors sell the stock.
PARA stock is down 9% as of Wednesday morning and is down 46% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.