Paramount Posts Big Earnings Miss, CEO Says Price Increases Are Coming

Paramount Global  stock fell sharply on Thursday after the media company reported a big miss on quarterly profits due to a slump in advertising and its CEO announced price increases in 2023.

For the fourth quarter, the media company (ticker: PARA) delivered adjusted profits of 8 cents per share on Thursday. That’s much lower than the consensus expectation of analysts tracked by FactSet, which was 24 cents per share. Revenue of $8.13 billion slightly missed expectations of $8.2 billion, driven partly by lower advertising income.