05:00 PM EDT, 08/08/2024 (MT Newswires) -- Paramount Global's ( PARAA ) second-quarter adjusted earnings advanced year-over-year while the media, streaming and entertainment company's revenue declined below Wall Street's estimates.

Adjusted per-share earnings rose to $0.54 during the three months ended June 30 from $0.10 a year earlier. Revenue fell 11% to $6.81 billion, missing the Capital IQ-polled consensus of $7.24 billion.

Paramount's class B shares were up 5.9% in after-hours trade, while its class A stock gained 1.5%.

The company said it recorded a $5.98 billion goodwill impairment charge for the cable networks unit. That reflected a reduced cash flow outlook due to "recent indicators in the linear affiliate marketplace, and the estimated total company market value indicated" under Paramount's deal with Skydance Media to form a new entity.

The impairment charge comes a day after Warner Bros. Discovery ( WBD ) took a $9.1 billion write-down on the networks segment amid weakness in the US linear advertising market.

Paramount's TV media revenue decreased 17% to $4.27 billion amid declines across advertising, affiliate and subscription and licensing. Sales of its filmed entertainment business slid 18% to $679 million as theatrical revenue plunged 40%.

Direct-to-consumer sales rose 13% to $1.88 billion, driven by gains in advertising and subscription, Paramount said. The Paramount+ subscription service lost 2.8 million subscribers during the second quarter to bring its total membership base to 68 million, compared with the 71.1 million consensus on Visible Alpha.

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