(CercleFinance.com) – Paramount announced a sharp drop in quarterly profit on Thursday due to the heavy investments it is currently making in its international development and the addition of content.
The American media group reported this morning an operating result of 182 million dollars in the fourth quarter, against a profit of more than 2.6 billion over the same period of 2021, a drop of 93%.
Although its video-on-demand service attracted 9.9 million new subscribers during the quarter, a record figure, this dynamism did not make it possible to compensate for the decline in the results of its television branch (CBS, Nickelodeon, MTV ,…) against a backdrop of declining advertising revenues.
Revenue rose 2% to $8.31 billion.
Given the success of its video-on-demand platform and the “exceptional” content it intends to offer this year after major investments, Paramount plans to return to growth in its results from 2024.
The title yielded 4.9% Thursday in the first exchanges on the New York Stock Exchange.
Copyright (c) 2023 CercleFinance.com. All rights reserved.