(Finance) – Fractional decline for Paramountwhich is trading at a loss of 0.85%, after the American entertainment giant disappointed analysts on the revenue front and decided to lay off around 2,000 employees, 15% of its workforce, as part of a broader cost-cutting plan ahead of its merger with Skydance Media.
“Our strong Q2 performance demonstrates that we are delivering on our strategic priorities,” said co-CEOs George Cheeks, Brian Robbins and Chris McCarthy. “We are proud of our results, including significant earnings growth largely driven by our DTC segment. In fact, for the fourth consecutive year, Paramount+ has led the industry in domestic enrollments driven by our major hit TV series and blockbuster films. DTC earnings growth over the last four quarters totaled nearly $900 million, and we are on track to achieve domestic profitability for Paramount+ in 2025.”