BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Paramount Global Surpasses Expectations with Profit in Q4 Despite Revenue Shortfall
In a surprising turn of events, Paramount Global announced a profit for the fourth quarter, defying Wall Street's expectations of a loss. Despite missing revenue targets, the company reported significant gains, particularly in its streaming platform, Paramount+.
Here's a breakdown of Paramount's performance in the fourth quarter, contrasting with the estimates provided by LSEG (formerly Refinitiv):
- Earnings Per Share (EPS): Paramount reported an EPS of 4 cents, surpassing the anticipated loss of 1 cent.
- Revenue: The company's revenue reached $7.64 billion, falling short of the expected $7.85 billion.
For the quarter ending December 2023, Paramount Global notched a profit of $514 million, or 77 cents per share, a substantial increase from $21 million, or 1 cent per share, in the same period the previous year. Adjusting for one-time items, the EPS stood at 4 cents.
Despite a 6% year-over-year decline in revenue, Paramount demonstrated notable progress in its streaming division. Paramount+, its flagship streaming service, grew to 67.5 million subscribers, marking a net increase of 4.1 million. The service witnessed a staggering 69% revenue growth year over year. Paramount is optimistic about achieving profitability for Paramount+ by 2025.
The subscription revenue for the fourth quarter surged by 43%, aided in part by price hikes. Overall, revenue across its direct-to-consumer segment saw a 34% increase. The global viewing hours across Paramount+ and Pluto TV also experienced a 27% rise in the fourth quarter.
CEO Bob Bakish emphasized the company's focus on maximizing content investment returns and scaling streaming operations while transforming its cost structure. Paramount's early 2024 momentum across all platforms underscores the effectiveness of its strategic approach and assets.
Amid the evolving media landscape, Paramount has been exploring sale options for its business. Talks with Warner Bros. Discovery for a potential acquisition have stalled, reflecting the challenges in the media sector. Additionally, Paramount announced approximately 800 layoffs earlier this month, following a record viewership for this year’s Super Bowl.
The company's TV media revenue declined by 12% year over year, with advertising revenue decreasing by 15%, attributed to the global advertising market's softness and a reduction in political advertising. Filmed entertainment sector revenue plummeted by 31% year over year, mainly due to lower licensing revenue.
In summary, Paramount Global's fourth quarter results highlight its resilience and strategic focus on streaming services, which is paying off in subscriber growth and revenue increases, positioning the company for future profitability despite current challenges in the media industry.
(Source: PARA)
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