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Paramount Global: Q2 EPS collapses 84%

( - On Monday Paramount Global reported an 84% drop in Q2 2023 adjusted EPS from continuing operations at $0.
10, as well as a 37% decline in adjusted OIBDA to $606m, on revenues that contracted by just 2% to $7.62bn.

The parent company of CBS, Paramount Pictures and Nickelodeon, amongst others, saw its TV media revenues decline by 2%, while the 40% growth in direct-to-consumer (DTC) revenues was offset by a 39% drop in film revenues.

Paramount+ revenues climbed 47%, total DTC advertising revenues increased 21%, and overall viewing hours on Paramount+ and Pluto TV grew 35% y-o-y, management said, adding that the group is continuing to focus on developing its streaming platforms, maximising the traditional business and building a sustainable business model for a return to significant earnings growth in 2024.

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