Paramount Global (NASDAQ:PARA) posted mixed second-quarter results after the bell Monday, but investors saw enough in terms of new subscribers to send shares higher.
The company posted revenue of $7.6 billion, down from $7.78 billion a year earlier but topping expectations of $7.43 billion. Its loss came out to $0.59 per share, compared to a gain of $0.64 per share in the year-ago period and well below expectations of a $0.01 loss.
Direct-to-consumer revenue was $1.6 billion, including $1.2 billion in subscription revenue and $441 million in advertising revenue. Paramount+, for its part, saw 700,000 new subscribers in the period, bringing its total to 61 million.
Furthermore, Paramount's direct-to-consumer loss narrowed to $424 million in the quarter compared to a loss of $445 million a year earlier and a loss of $511 million in the first quarter.
Paramount+ debuted in June along with Showtime, which the company expects to generate some $700 million in expense savings.
Shares of Paramount Global added more than 5% to $16.93 in extended trading.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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