Paramount Skydance to slash 1,600 more jobs after income disappoints — however points upbeat forecast

Paramount Skydance said it would make $1.5 billion in programming investments next yr, because it forecast fourth-quarter income 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 trading after the bell.

The company said it would also cut about 1,600 jobs as half of a strategic review, along with the 1,000 employees it laid off in late October.

Paramount Skydance reported third-quarter income 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 income between $8.1 billion and $8.3 billion, above estimates of $8 billion, according to data compiled by LSEG.

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

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