Paramount Global beat Wall Street analysts’ estimates in the third quarter, thanks in large part to streaming flagship Paramount+, which added 2.7 million subscribers to hit 63 million globally. Total revenue came in at $7.13 billion, up 3% from the year-ago period, while adjusted earnings per share 21% to 36 cents. Analysts’ consensus called for earnings of 11 cents and revenue of $7.12 billion. Streaming was the standout in the results, with revenue in the division surging 38% compared with the year-earlier period. Subscription revenue shot up 46% to $1.3 billion, driven by subscriber growth and P+ price hikes, plus revenue from pay-per-view events. Paramount said it now forecast
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