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Paramount: Q2 2022 Earnings Update

Industry: Media
Current: Company Performance

Paramount revenue grew by 19% in Q2 2022 year-over-year on a reported basis
Paramount reported GAAP Diluted Earnings per Share (EPS) of $0.53
Strong growth of Filmed Entertainment and Direct-to-Consumer segments drove the revenues in Q2 2022

On August 4, 2022, Paramount reported Q2 revenue of $7.8 billion (an increase of 19% year-over-year on a reported basis) on GAAP Diluted Earnings per Share (EPS) of $0.53.

Summary: Paramount’s Q2 2022 revenue grew 19% on a reported basis compared to the same period in 2021. Paramount had three divisions: TV Media, Direct-to-Consumer (DTC), and Filmed Entertainment.

TV Media division’s revenue grew by 1% vs Q2 2021 primarily due to growth in content licensing revenues.
Direct-to-Consumer division’s revenue grew by 56% vs Q2 2021 primarily due to growth in global DTC subscriptions (addition of 5.2 million subscribers and the removal of 3.9 million Russia subscribers).
Filmed Entertainment division’s revenue grew by 126% vs Q2 2021 primarily due to the strong performance of movies like Top Gun: Maverick and Sonic the Hedgehog 2 in the quarter.

The company reported a GAAP operating margin of 11% during Q2 2022, a year-over-year decrease of 800 bps. On the bottom line, the company reported a GAAP Diluted EPS of $0.53, and Non-GAAP earnings came to $0.64 per share.

Guidance: No guidance is provided for Q3 2022 and full-year 2022.

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