Paramount Global (PARA, PARAA) reported second quarter earnings on Thursday, August 8, posting mixed results. Adjusted earnings beat expectations, but revenue missed estimates, but Paramount’s direct-to-consumer business posted a profit for the first time. The company is also planning to lay off 15% of its U.S. workforce. Citi Managing Director Jason Bazinet joins Yahoo Finance to discuss the Paramount’s recent results. The company also took a nearly $6 billion right down on its cable television business.
Bazinet notes that companies like Paramount and Warner Bros. Discovery (WBD) are seeing “better streaming profits, but that’s come with larger linear losses.”
“What I keep focusing on is, what is the consumer paying to spend an hour on any one of these apps,” Bazinet notes, “that is the most important thing because what it tells you is are these being viewed as… really linear paid TV substitutes or not. And there’s very stark differences across the streaming landscape.”
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