Paramount reported declines in its top-line, TV, and film revenues in its second-quarter earnings call Wednesday, but it turned a profit in its streaming division for the first time.
The company saw its year-over-year revenues dip 11%, from $7.6 billion to $6.8 billion. The revenue drop was the largest miss compared to analyst estimates since February 2020, according to LSEG data.
Revenues from its TV division declined 17%, from $5.2 billion to $4.3 billion, and its film and movies sector also saw an 18% reduction in revenue, falling from $831 million to $679 million in the quarter.
In a notable bright spot, Paramount’s streaming service, Paramount+, turned a profit for the first time.
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