Paramount Global (NYSE:PARA) posted a weak-than-expected set of Q3 2022 results. While revenue rose 5% year-over-year to $6.9 billion, it fell short of estimates. Adjusted EPS declined by almost 49% year-over-year to $0.39.
While growth was driven by the direct-to-consumer business, which expanded 38% year-over-year, the growth rate has cooled from about 56% in Q2. Profits have also taken a hit as Paramount boosts spending on content and marketing for its streaming business.
PARA stock was down by about 12% in trading on Wednesday.
|S&P 500 Return||-5%||-23%||64%|
|Trefis Multi-Strategy Portfolio||-4%||-25%||196%|
 Month-to-date and year-to-date as of 11/3/2022
 Cumulative total returns since the end of 2016