Summary by Moomoo AI
Paramount Global reported a 6% increase in revenues to $7.69 billion for the first quarter of 2024, compared to $7.26 billion in the same period of 2023. This growth was primarily driven by the broadcast of Super Bowl LVIII and an uptick in streaming service revenues, particularly from Paramount+. Despite the revenue increase, the company experienced an operating loss of $417 million, an improvement from the $1.23 billion loss in the prior year. Net loss from continuing operations attributable to Paramount was $563 million, or $.88 per diluted share, better than the previous year's net loss of $1.16 billion, or $1.81 per diluted share. Adjusted OIBDA saw a significant rise of 80% to $987 million, and adjusted net earnings from continuing operations attributable to Paramount surged 489% to $424 million, with adjusted diluted EPS...Show More