Summary by Moomoo AI
Paramount Global (Paramount) reported a decrease in revenues for the three months ended June 30, 2024, with a significant 11% drop to $6.81 billion compared to the same period in the previous year. The company faced a substantial operating loss of $5.32 billion, a stark contrast to the $250 million loss in 2023, primarily due to a goodwill impairment charge of $5.98 billion. Despite the overall decline, Paramount's streaming services, led by Paramount+, showed revenue growth. The net loss from continuing operations attributable to Paramount widened to $5.41 billion, or $8.12 per diluted share, from a loss of $372 million, or $.59 per diluted share, year-over-year. Adjusted OIBDA, however, increased by 43% to $867 million, reflecting improved streaming service results. Paramount's six-month performance also saw a revenue decrease of...Show More