World Paramount (NASDAQ:PARA) the stock is lower on Wednesday after the entertainment company reported its results for the third quarter of 2022.
Let’s start with the company’s adjusted earnings per share of 39 cents. That’s disappointing next to Wall Street’s estimate of 43 cents per share. It’s also down 49% from the 76 cents reported in the same period a year earlier.
Next, we have to talk about Paramount Global’s revenue of $6.92 billion. This is another case of missing estimates from its analysts, which amounted to $7.01 billion. However, that’s a 5% year-over-year increase from $6.61 billion.
Growing subscribers couldn’t save PARA stock
These failures come even as the company has seen an increase in subscriber numbers. This includes Global DTC subscribers rising from 4.7 million to 67 million. The company also saw Paramount+ hit 46 million in the quarter. This resulted in a 38% increase in DTC year-on-year.
Paramount Global hopes to attract even more subscribers during the fourth quarter of 2022. The company notes that during this period it will expand Paramount+ to France,
Germany, Austria and Switzerland.
Paramount Global is also seeing heavy trading this morning with nearly 10 million shares in motion at the time of this writing. This is approaching its average daily trading volume of 10.2 million shares, as investors sell the shares.
PARA shares are down 9% on Wednesday morning and 46% since the start of the year.
Investors looking for the latest stock market news will want to stick around!
InvestorPlace has all the latest stock market news traders need to know on Wednesday! This includes what has shares of AMD (NASDAQ:AMD) the move in stocks, the biggest moves in stocks ahead of this morning’s market and what to expect from today’s reverse federal meeting. You can find all these news on the following links!
More Wednesday stock market news
As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.