Paramount profit slumps despite Paramount+ doubling revenue

In brief

Paramount+ added 4.6 million subscribers, growing to 46 million, driven in part by launches in international markets like the UK. The direct-to-consumer (DTC) streaming service reported revenue growth of 95%.

However, Paramount reported a 23% decrease year-over-year in adjusted Oibda (the company’s measure of profit) from 1.02bn in Q3 2021 to $786m in Q3 2022, a 49% decrease in adjusted diluted earnings per share, and a 36% decrease in operating income.

The company attributed the decreased profitability to “investments in content, marketing, and international expansion.”

Paramount’s stock dropped over 10% in early trading on the Q3 earnings report.