Paramount+ Subscribers and Revenue Grow in Q3 Despite Ad Revenue Decline

Paramount+ gained 2.7M subscribers in Q3, reaching 63M global subscribers. Parent company Paramount beat revenue and earnings forecasts.

Streaming revenue grew 38% with gains in subscriptions and pay-per-view events. Losses are forecast to decline in 2023 vs 2022.

TV ad revenue dropped 14% amid lack of political ads and "continued softness." Affiliate revenue was flat.

Filmed entertainment revenue rose 14%, but studio shutdowns due to strikes led to an operating loss.

Shares jumped 10% in after-hours trading after gaining over 10% during the regular session.