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For the quarter, the Zacks Consensus Estimate for loss is pegged at 1 cent per share, having moved south from breakeven earnings expected 30 days ago. The figure indicates a 101.5% plunge from the year-ago quarter’s reported figure.
The consensus mark for revenues is pegged at $7.43 billion, indicating a 4.48% decrease from the year-ago quarter’s reported figure.
The company’s earnings beat the Zacks Consensus Estimate once in the last four quarters and missed the same thrice. Paramount Global has a trailing four-quarter negative earnings surprise of 21.66%, on average.
Let’s see how things have shaped up for this announcement.
An expanding content catalog of live sporting events and a solid portfolio of streaming services, including CBS All Access, Showtime OTT, Pluto TV, Noggin and BET+ are expected to have boosted Paramount Global’s viewership and ad revenues in second-quarter 2023.
The growing traction of Showtime, BET, Comedy Central and Nickelodeon is expected to have boosted the top line.
Paramount continues to demonstrate the strength of its content engine, driving momentum across streaming, television and theatrical. This resulted in Paramount+ and Pluto TV reaching significant milestones with 60 million subscribers and 80 million monthly active users (MAUs), respectively, in the first quarter. This trend is expected to have continued in the to-be-reported quarter.
In the second quarter, PARA inked a partnership with VIDAA to bring Paramount+ to smart TVs powered by VIDAA in Canada and Latin America, including Brazil, which is likely to have boosted Paramount+ subscriber growth.
Moreover, Paramount+ streaming service announced the launch of Paramount+ with SHOWTIME plan, a cornerstone integration that makes Paramount+ the new streaming home for SHOWTIME. The Paramount+ Essential Plan (without SHOWTIME) is available for $5.99 per month.
The Zacks Consensus Estimate for global Paramount subscribers is pegged at 61 million and global direct-to-consumer streaming subscribers is pegged at 81.88 million.
Pluto TV has gained immense popularity with more than 250 live events, linear channels and thousands of hours of on-demand content. Pluto TV partners with more than 175 content providers, including media houses, film and TV studios that help it produce various content.
In the first quarter, Pluto TV’s total global viewing hours grew 35% year over year. The trend is likely to have continued in the to-be-reported quarter. The Zacks Consensus Estimate for global Pluto TV MAUs is pegged at 81.5 million.
Advertisers, however, continue to face supply-chain disruptions and labor shortages and many others are contending with rising costs amid record inflation, which have led to cutbacks in spending on advertising. This is expected to have hampered ad revenue growth in the to-be-reported quarter. Paramount has been facing a slump in its ad revenues, which declined 7.4% in first-quarter 2023.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
Paramount Global has an Earnings ESP of +50.00% and carries a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are a few other stocks worth considering, as our model shows that these have the right combination of elements to beat on earnings this season.
CACI is set to report its fourth-quarter fiscal 2023 results on Aug 9. The Zacks Consensus Estimate for CACI’s earnings is pegged at $4.85 per share, suggesting growth of 6.8% from the prior-year quarter’s reported figure.
Docebo (DCBO - Free Report) has an Earnings ESP of +6.67% and a Zacks Rank #3 at present.
Docebo is set to report its second-quarter fiscal 2023 results on Aug 10. The Zacks Consensus Estimate for DCBO’s earnings is pegged at 8 cents per share. The company reported a loss of 5 cents per share in the year-ago quarter.
Chegg (CHGG - Free Report) has an Earnings ESP of +20.89% and a Zacks Rank #2.
Chegg is set to report second-quarter 2023 results on Aug 7. The Zacks Consensus Estimate for CHGG’s earnings is pegged at 28 cents per share, suggesting decline of 24.3% from the prior-year quarter’s reported figure.
Image: Bigstock
Paramount Global (PARA) to Report Q2 Earnings: What's in Store?
Paramount Global (PARA - Free Report) is set to report second-quarter 2023 earnings on Aug 7.
For the quarter, the Zacks Consensus Estimate for loss is pegged at 1 cent per share, having moved south from breakeven earnings expected 30 days ago. The figure indicates a 101.5% plunge from the year-ago quarter’s reported figure.
The consensus mark for revenues is pegged at $7.43 billion, indicating a 4.48% decrease from the year-ago quarter’s reported figure.
The company’s earnings beat the Zacks Consensus Estimate once in the last four quarters and missed the same thrice. Paramount Global has a trailing four-quarter negative earnings surprise of 21.66%, on average.
Let’s see how things have shaped up for this announcement.
Paramount Global Price and EPS Surprise
Paramount Global price-eps-surprise | Paramount Global Quote
Factors to Consider
An expanding content catalog of live sporting events and a solid portfolio of streaming services, including CBS All Access, Showtime OTT, Pluto TV, Noggin and BET+ are expected to have boosted Paramount Global’s viewership and ad revenues in second-quarter 2023.
The growing traction of Showtime, BET, Comedy Central and Nickelodeon is expected to have boosted the top line.
Paramount continues to demonstrate the strength of its content engine, driving momentum across streaming, television and theatrical. This resulted in Paramount+ and Pluto TV reaching significant milestones with 60 million subscribers and 80 million monthly active users (MAUs), respectively, in the first quarter. This trend is expected to have continued in the to-be-reported quarter.
In the second quarter, PARA inked a partnership with VIDAA to bring Paramount+ to smart TVs powered by VIDAA in Canada and Latin America, including Brazil, which is likely to have boosted Paramount+ subscriber growth.
Moreover, Paramount+ streaming service announced the launch of Paramount+ with SHOWTIME plan, a cornerstone integration that makes Paramount+ the new streaming home for SHOWTIME. The Paramount+ Essential Plan (without SHOWTIME) is available for $5.99 per month.
The Zacks Consensus Estimate for global Paramount subscribers is pegged at 61 million and global direct-to-consumer streaming subscribers is pegged at 81.88 million.
Pluto TV has gained immense popularity with more than 250 live events, linear channels and thousands of hours of on-demand content. Pluto TV partners with more than 175 content providers, including media houses, film and TV studios that help it produce various content.
In the first quarter, Pluto TV’s total global viewing hours grew 35% year over year. The trend is likely to have continued in the to-be-reported quarter. The Zacks Consensus Estimate for global Pluto TV MAUs is pegged at 81.5 million.
Advertisers, however, continue to face supply-chain disruptions and labor shortages and many others are contending with rising costs amid record inflation, which have led to cutbacks in spending on advertising. This is expected to have hampered ad revenue growth in the to-be-reported quarter. Paramount has been facing a slump in its ad revenues, which declined 7.4% in first-quarter 2023.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
Paramount Global has an Earnings ESP of +50.00% and carries a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are a few other stocks worth considering, as our model shows that these have the right combination of elements to beat on earnings this season.
CACI International (CACI - Free Report) has an Earnings ESP of +2.36% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CACI is set to report its fourth-quarter fiscal 2023 results on Aug 9. The Zacks Consensus Estimate for CACI’s earnings is pegged at $4.85 per share, suggesting growth of 6.8% from the prior-year quarter’s reported figure.
Docebo (DCBO - Free Report) has an Earnings ESP of +6.67% and a Zacks Rank #3 at present.
Docebo is set to report its second-quarter fiscal 2023 results on Aug 10. The Zacks Consensus Estimate for DCBO’s earnings is pegged at 8 cents per share. The company reported a loss of 5 cents per share in the year-ago quarter.
Chegg (CHGG - Free Report) has an Earnings ESP of +20.89% and a Zacks Rank #2.
Chegg is set to report second-quarter 2023 results on Aug 7. The Zacks Consensus Estimate for CHGG’s earnings is pegged at 28 cents per share, suggesting decline of 24.3% from the prior-year quarter’s reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.