Paramount Global Q3 Profit Declines, Stock Down

(RTTNews) - Paramount Global (PARA), Friday reported a decline in third-quarter earnings, primarily due to a decline in revenue, as well as higher restructuring and transaction-related expenses.

Earnings stood at $1 million or $0.00 per share compared to $295 million or $0.43 per share last year.

On average, 23 analysts polled by Thomson Reuters estimated earnings of $0.24 a share for the period. Analysts estimates usually exclude special items.

On an adjusted basis, earnings from continuing operations totaled $327 million or $0.49 per share for the quarter.

Revenue for the period was $6.7 billion compared to $7.1 billion in prior year.

Currently, Paramount's stock is trading at $10.97, down 4.90 percent on the Nasdaq.