Paramount Skydance to slash 1,600 more jobs after revenue disappoints

Paramount Skydance to slash 1,600 more jobs after revenue disappoints

Paramount Skydance said it’s going to make $1.5 billion in programming investments next yr, because it forecast fourth-quarter revenue above Wall Street estimates, in its first quarterly outcomes for the mixed company since the completion of the $8.4 billion merger.

Shares of the company had been up 2.5% in buying and selling after the bell.

The company said it’s going to also reduce about 1,600 jobs as a part of a strategic review, as well as to the 1,000 workers it laid off in late October.

Paramount Skydance reported third-quarter revenue of $6.7 billion below analysts’ estimates of$6.97 billion. Getty Images

Paramount issued its first quarterly outcomes for the mixed company since the completion of the $8.4 billion merger with Skydance. CEO David Ellison, above. AFP through Getty Images

For the fourth quarter, Paramount Skydance expects revenue between $8.1 billion and $8.3 billion, above estimates of $8 billion, according to data compiled by LSEG.

It reported revenue of $6.7 billion for the third quarter, in contrast with estimates of $6.97 billion, according to data compiled by LSEG.

Navigate the fast-paced world of enterprise with us. At TheGossipBlogger.com/enterprise, we offer well timed and insightful coverage on all the pieces from market traits and startup success tales to monetary news, entrepreneurship suggestions, and global financial shifts.

Whether you are an aspiring entrepreneur, a small enterprise proprietor, or a seasoned government, our content is designed to inform, empower, and inspire your next transfer in the enterprise world.

Our editorial team dives deep into real-world methods, company profiles, and professional analysis to carry you articles that matter. We simplify complicated enterprise developments and highlight the innovations, challenges, and alternatives shaping industries today.

Make positive to bookmark our Business part and go to often — in a world that never stops shifting, staying informed is your greatest benefit.