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Paramount Skydance Corp. (NASDAQ:PSKY) shares climbed Monday after the company released its third-quarter earnings report and said it expects an additional $1 billion in merger savings.
Here's a look at the details in the report.
The Details: Paramount Skydance reported quarterly losses of 12 cents per share, which missed the analyst estimate for earnings of 34 cents.
Quarterly revenue came in at $6.7 billion, which missed the Street estimate of $6.97 billion.
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Paramount announced a new round of layoffs that will affect about 1,600 employees and said it plans to raise the price of its Paramount+ streaming service in the first quarter of next year.
“Nearly 100 days have passed since we launched the new Paramount, and we are pleased with the progress to date,” CEO David Ellison wrote in a letter to shareholders.
Our goal in bringing together Paramount and Skydance was to honor a company with over a century of storied history and profound cultural impact, while transforming it for the future through investments in exceptional storytelling, innovative technology and strategic growth opportunities that will shape the next era of entertainment,” Ellison added.
PSKY Stock Price: According to data from Benzinga Pro, Paramount Skydance stock was up 5.18% at $16.04 in Monday's extended trading.
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Posted In: PSKY
