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Paramount Releases Earnings as CEO Steps Down
Paramount (NASDAQ:PARA) is based in New York and operates as a media, streaming, and entertainment company around the world. The company has faced major challenges as it has aimed to squeeze the most out of its recent streaming platform and deliver hits on the film production side. Shares of Paramount jumped 2.85% on Monday, April 29, 2024, enjoying a post-earnings bump and gaining momentum after a big leadership shakeup. However, the stock is still down 14% in the year-to-date period. Can the company and stock build on its Q1 earnings release?
Chief Executive Officer (CEO) Bob Bakish will soon be replaced by a trio of executives. There have been ongoing discussions with other parties, including David Ellison's SkyDance Media, over a potential purchase.
Paramount released its first quarter (Q1) fiscal 2024 earnings on Monday, April 29. The company reported revenues of $7.68 billion – up 6% compared to the previous year. Moreover, it reported an operating loss of $417 million. That was up 66% compared to an operating loss of $1.22 billion in the first quarter of fiscal 2023.
OIDBA stands for operating income before depreciation and amortization. Paramount delivered adjusted OIDBA of $987 million in Q1 FY2024 – up 80% compared to the prior year. Adjusted diluted earnings per share (EPS) soared 589% year-over-year to $0.62. Paramount delivered revenue growth in its TV Media, Direct-to-Consumer, and Filmed Entertainment segments compared to Q1 2023.
Shares of Paramount are trading in favourable value territory at the time of this writing. The stock last paid out a quarterly dividend of $0.05 per share. That represents a modest 1.6% yield.
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