Revenue was higher across the board, albeit a hair shy of Wall Street expectations.
Free cash flow rose, a key metric since it allows the company to pay down debt.
Paramount said streaming red ink narrowed to $288 million from $510 million in the year earlier quarter.
Paramount studio lotAaronP/Bauer-Griffin/GC Images
Paramounts total revenue, of just under $7.7 billion, was up 6%.
Total operating losses narrowed to $417 million from $1.2 billion.
Adjusted diluted EPS of 62 cents is up from 9 cents in the 2023 first quarter.
Adjusted oibda (operating income before depreciation and amortization) grew 11% to $1.4 billion.
Total revenue for the division grew 3% to $605 million.
Licensing revenue fell 1% to $451 million.
It incurred some charges for abandoning some projects in development and canceling other programming agreements.
Another $186 million charge was for severance costs associated with layoffs in the first quarter.
Paramount terminated about 800 staffers earlier this year.
