Paramount Global beat Wall Street expectations for quarterly revenue and profit on Thursday, powered by the May release of blockbuster Tom Cruise-starrer 'Top Gun: Maverick' even as streaming subscriber growth slowed.
Removes 3.9 mln streaming subscribers related to Russia exitbeat Wall Street expectations for quarterly revenue and profit on Thursday, powered by the May release of blockbuster Tom Cruise-starrer "Top Gun: Maverick" even as streaming subscriber growth slowed.
The sequel to the 1986 action flick "Top Gun" surged past Disney's Marvel adventure "Doctor Strange in the Multiverse of Madness" as the highest-grossing movie of the year and garnered $1 billion in global box office sales, bringing much needed relief to the film unit struggling since the pandemic outbreak.Register now for FREE unlimited access to Reuters.
"We expect the company to step up investment in content and international market expansions, which will drag OIBDA and free cash flow through 2023," J.P. Morgan analysts said in a note. Paramount's reliance on advertising has also dragged its TV media business, as inflation-hit marketers reined in spending.
"They are short-term challenges that we've got to work through," Chief Executive Bob Bakish told analysts.
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Paramount Hits Nearly 64M Global Streaming Subs as Paramount+ Grows to Top 43MThe Hollywood giant says 'Top Gun: Maverick' 'powered' a 126 percent film unit revenue gain in the second quarter, while ad revenue in the TV Media unit dropped and higher streaming investments hit the company's bottom line.
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Biggest 2022 Movie Blockbusters—So Far: ‘Top Gun,’ ‘Doctor Strange,’‘Jurassic World,’ MoreI'm a breaking news reporter focusing on arts and entertainment. I previously worked as a features reporter at the New York Post, where I covered pop culture, and at the Boston Globe and Boston.com I graduated from Emerson College in 2017 with a degree in journalism. Follow me on Twitter MarisaDellatto or reach out at mdellattoforbes.com.
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