Paramount Global Stock Tumbles On Q3 Earnings Miss, Ad Sales Slump

Paramount Global Stock Tumbles On Q3 Earnings Miss, Ad Sales Slump

Paramount Global (PAR) shares fell lower Wednesday after the media group posted weaker-than-expected third-quarter earnings amid a slump in ad sales and increased competition in streaming entertainment.

Paramount said its diluted earnings for the three months ended September fell nearly 70% from last year to 21 cents a share, well below Street consensus expectations of 44 cents a share. The group’s revenue, Paramount said, fell 4.6% from last year to $6.916 billion, again excluding analyst estimates of a total of $7.02 billion.

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