economy
Paramount earnings, revenue beat expectations as streaming business offers a boost
Paramount Skydance said it added streaming subscribers during the first quarter even as it instituted its first price hike since 2024.
TL;DR
- Paramount Skydance surpassed Q1 revenue and earnings estimates.
- Streaming business revenue grew 11% to $2.4 billion, with Paramount+ adding 700,000 subscribers.
- Paramount+ reached nearly 80 million subscribers, with revenue up 17% year-over-year.
- Film studio revenue increased 11% to $1.28 billion, aided by 'Scream 7'.
- TV media business revenue decreased 6% to $3.67 billion due to cord-cutting.
- The company reaffirmed its full-year revenue outlook of $30 billion.
- Paramount Skydance is on track to achieve $3 billion in cost savings from the Paramount-Skydance merger.
- The proposed acquisition of Warner Bros. Discovery is expected to close by the end of the third quarter.
- Paramount Skydance plans to consolidate its three streaming platforms' tech stacks by mid-year.