Yahoo Finance Paramount Global (PARA) to Report Q1 Earnings: What's in Store?
Paramount Global PARA is set to report first-quarter 2024 earnings on Apr 29.
The Zacks Consensus Estimate for first-quarter earnings has increased 3 cents to 34 cents per share in the past 30 days. The figure indicates a rise of 277.78% from the year-ago quarter’s reported figure.
The consensus mark for revenues is pegged at $7.69 billion, indicating a 5.91% increase from the year-ago quarter’s reported figure.
The company’s earnings beat the Zacks Consensus Estimate thrice in the last four quarters and missed the same once, delivering an average surprise of 382.5%.
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
Paramount Global’s first-quarter viewership and ad revenues are expected to have benefited from 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+.
The growing traction of Showtime, BET, Comedy Central and Nickelodeon is expected to have boosted the top line.
Paramount Global continues to demonstrate the strength of its content engine, driving momentum across streaming, television and theatrical. Paramount+ subscribers reached approximately 67.5 million, with 4.1 million additions in the fourth quarter. This trend is expected to have continued in the to-be-reported quarter. The Zacks Consensus Estimate for global Paramount subscribers is pegged at 69.6 million.
The launch of Paramount+ with the SHOWTIME plan, a cornerstone integration that makes Paramount+ the new streaming home for SHOWTIME, has been aiding advertising revenue growth. The Paramount+ Essential Plan (without SHOWTIME) is available for $5.99 per month.
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 27% year over year. This trend is likely to have continued in the to-be-reported quarter.
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. PARA has been facing a slump in its ad revenues, which declined 10.6% in fourth-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 +9.45% and carries a Zacks Rank #3 at present. 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 some other stocks worth considering, as our model shows that these, too, have the right combination of elements to beat on earnings this season.
APi Group APG has an Earnings ESP of +2.06% and sports a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
APi Group is scheduled to release first-quarter 2024 results on May 2. The Zacks Consensus Estimate for APG’s earnings is pegged at 32 cents per share, indicating growth of 28% from the year-ago quarter’s reported figure.
Amazon AMZN has an Earnings ESP of +6.19% and a Zacks Rank #2 at present.
Amazon is set to announce first-quarter 2024 results on Apr 30. The Zacks Consensus Estimate for AMZN’s earnings is pinned at 82 cents per share, indicating growth of 164.52% from the year-ago quarter’s reported figure.
Cardinal Health CAH has an Earnings ESP of +1.11% and a Zacks Rank #3 at present.
CAH is scheduled to release third-quarter fiscal 2024 results on May 2. The Zacks Consensus Estimate for CAH’s earnings is pegged at $1.95 per share, indicating growth of 12.07% from the year-ago quarter’s reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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