Paramount Global (NASDAQ:PARA) surprised the market on Monday by posting an unexpected profit for the second quarter, fueled by the success of its investments in streaming content that continued to attract new subscribers and foster growth. Following the release of this report, Paramount’s stock gained nearly 3% yesterday.
The media and entertainment giant reported adjusted EPS of $0.10 for Q2, alongside revenue of $7.62 billion. These figures surpassed Street predictions that anticipated a loss of $0.02 per share and revenue of $7.45 billion.
One notable highlight is the exceptional growth in subscription revenue, which surged by 47% to exceed $1.2 billion. Paramount+’s subscriber base contributed significantly to this growth, with an addition of 0.7 million subscribers during the quarter, resulting in a total of 61 million subscribers.