Paramount Global (NASDAQ:PARA) is expected to report declines in revenue and earnings for the second quarter while seeing continued subscriber growth for its content streaming platforms Paramount+ and Pluto TV when it hands down its latest financial results after the market close on Monday, August 7.
The Street expects the media and entertainment giant to report earnings per share (EPS) of $0.01 on revenue of $7.43 billion, per Zacks Consensus Estimate.
This would represent a decline of 101.6% and 4.5%, respectively, from EPS of $0.64 and revenue of $7.78 billion in the year-ago quarter.
Analyst sentiment around the stock has soured recently, with Zacks noting that the consensus EPS estimate had moved south in the last 30 days. As of July 13, analysts, on average, had expected Paramount to report EPS of $0.07 on revenue of $7.48 billion.
However, the strength of Paramount’s content offering as represented by subscriber growth for Paramount+ and Pluto TV is a trend that is expected to continue in 2Q.
Paramount’s subscriber count for 2Q is expected to come in at 61 million, while global direct-to-consumer (DTC) streaming subscribers are forecast to be 81.88 million, according to Zacks.
Paramount shares traded at US$15.80 at noon on Friday.
Contact the author at emily.jarvie@proactiveinvestors.com
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