Multinational media and entertainment corporation Paramount (NASDAQ:PARA) will be reporting results tomorrow after market close. Here's what you need to know.
Last quarter Paramount reported revenues of $7.62 billion, down 2.1% year on year, beating analyst revenue expectations by 2.2%. It was a decent quarter for the company, with an impressive beat of analysts' earnings and estimates.
Is Paramount buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting Paramount's revenue to grow 3.1% year on year to $7.12 billion, slowing down from the 4.6% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.10 per share.
The analysts covering the company have had mixed opinions about the business heading into the earnings, with revenue estimates seeing three upward and two downward revisions over the last thirty days. The company missed Wall St's revenue estimates four times over the last two years.
With Paramount being the first among its peers to report earnings this season, we don't have anywhere else to look at to get a hint at how this quarter will unravel for consumer discretionary stocks, but the whole sector has been facing a sell-off since late last year, with stocks down on average 4.7% over the last month. Paramount is down 19.3% during the same time, and is heading into the earnings with analyst price target of $14.6, compared to share price of $11.09.
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