Shares of the company were up 7% in trading after the bell.

Paramount Global and Skydance Media completed their merger in August, installing new leadership at the media company.

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

Paramount expects its streaming business to be profitable this year, and grow in profitability in 2026.

Paramount+, the company’s flagship streaming platform, added 1.4 million new subscribers in the third quarter, for a total of 79 million. It plans to raise prices for the service in the U.S. early in the first quarter of 2026.

CEO David Ellison has been moving rapidly to revive the venerable studio, winning a bidding war in September to distribute a new James Mangold heist film starring Timothée Chalamet.

In his letter to investors, CEO David Ellison highlighted the streamlining of Paramount Skydance’s studio and distribution operations under one leadership team.

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

The company also plans to implement a unified technology stack for both Paramount+ and Pluto TV, to drive cost efficiencies and enhance performance.

“This isn’t about nostalgia for Hollywood’s past; it’s about proving a legacy studio can move with tech-company speed. Ellison is pairing consolidation with investment, betting that a smaller, sharper Paramount can grow faster than its sprawling predecessor,” said eMarketer senior director Jeremy Goldman.

The company said it will also cut about 1,600 jobs as part of a strategic review, in addition to the 1,000 employees it laid off in late October.

Paramount is also seeking to buy Warner Bros. Discovery but has so far been rebuffed. REUTERS

Paramount has also looked to acquire Warner Bros. Discovery, submitting a trio of bids to take over its film and television studios, its HBO Max streaming service and its cable networks, which include CNN and TNT.

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, compared with estimates of $6.97 billion, according to data compiled by LSEG.

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Shares of the top U.S. electronics retailer fell 5.7% in morning trading, as investors focused on a likely hit to the company’s margins due to higher tariffs on U.S. imports.

Several retailers, including Best Buy, have had to raise prices on some goods to absorb the hit from these steep levies.

While Best Buy posted quarterly results that topped initial estimates, its annual sales and profit forecasts stayed put. Getty Images

Company executives said the price hikes were lower than the overall rate of tariffs, owing to its mitigation strategies.

Best Buy, which sources most of its goods from China, has also made efforts to diversify its supply chain and purchase more products from fewer partners to negotiate better terms in a bid to counter higher costs.

Meanwhile, the company’s sales have struggled over the past three years as price-sensitive shoppers put off big-ticket purchases.

CEO Corie Barry said customers had become more deal-focused and waited for shopping events such as Black Friday and back-to-school promotions, even though spending remained resilient.

“Big-ticket purchases are approached more carefully, though consumers continue to spend on expensive technology when there is a clear need or innovation,” Barry said on a post-earnings call.

Best Buy shares fell 5.7% this morning as the higher tariffs on U.S. imports have led to the electronics retailer taking a hit in its stock. Christopher Sadowski

On a media call with journalists, Barry said that the White House had been open to feedback from Corporate America on the impact of tariffs.

Strong sales of Nintendo Switch 2 gaming consoles, which were launched in June, and a surge in demand for artificial intelligence-powered laptops and mobile phones helped reverse a sales decline during the quarter.

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“Tariffs and a pullback in discretionary big-ticket categories remain a drag, and unlike general merchandise (retailers), Best Buy has limited fallback categories to absorb that pressure,” Emarketer analyst Suzy Davidkhanian said.

Comparable sales for the quarter ended August 2 rose 1.6%, the biggest increase in three years. Analysts on average had expected a 0.52% drop, according to data compiled by LSEG.

On an adjusted basis, it earned $1.28 per share, compared with the estimates of $1.21 per share.

The company expects comparable sales for fiscal year 2026 to range between a 1% drop and a 1% rise and an adjusted profit of between $6.15 and $6.30 per share.

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President Trump’s decision to negotiate a break for China on tariffs is galling for Japan, which is reeling from auto sector levies that the White House has shown no sign of willingness to lift.

Japan, a top U.S. ally in Asia, was eager to advance trade negotiations with Washington, even as Mr. Trump imposed tariffs on automobiles, and threatened an across-the-board 24 percent tariff on Japanese goods.

While Beijing and others assembled plans for retaliatory tariffs, Japan rushed to Washington for trade negotiations, armed instead with commitments to buy more American goods and boost investments in the United States to $1 trillion.

In Tokyo, the sting of these unsuccessful attempts at diplomacy is becoming palpable.

On Tuesday — one day after the Trump administration agreed to temporarily nix most of its tariffs on China — two of Japan’s top automakers issued dire profit forecasts, weighed down by billions of dollars in losses linked to U.S. car tariffs.

Honda Motor said that its operating profit would fall nearly 60 percent for the fiscal year that began in April. The Japanese automaker, which produces a large amount of the vehicles it sells in the United States in Canada and Mexico, attributed the downgrade to a whopping $4.4 billion hit it expected from tariffs.

Nissan Motor suspended its profit forecast for the current year, and said that it would likely swing to an operating loss in the first quarter. The automaker, which was already restructuring its global operations before the new levies, said it would slash an additional 11,000 jobs on top of the 9,000 cuts it announced in November.

Nissan’s chief executive, Ivan Espinosa, said in a briefing that the company was “running to find countermeasures” to help offset about $3 billion in “exposure” to U.S. tariffs. If tariffs were removed, Nissan would likely break even this year, Mr. Espinosa said. “It’s very difficult to plan in the current volatility and we need to get some stability,” he said.

In Japan there is a sense of disbelief and indignation among business leaders and government officials that the Trump administration backed down on China tariffs, while maintaining punishing levies on allies like Japan with significantly smaller trade imbalances.

The fact that the U.S. prioritized China over many other trade partners in reaching a tariff agreement showed that “at this stage, allies like Japan are at a disadvantage,” said Kazuhiro Maeshima, a professor of American politics and diplomacy at Sophia University in Tokyo. “This can only be seen as disregard,” he said.

Earlier this month, a 25 percent U.S. tariff on vehicle imports was extended to cover auto parts as well. Those two levies are particularly painful for Japan because automobiles and car parts are by far its biggest export to the United States.

Economists estimate that the higher auto tariffs alone could put a big dent in economic growth in Japan this year. Factoring in broader disruptions from U.S. tariff policy, officials have predicted that growth could be more than halved.

That is because the auto sector is the backbone of Japanese industry. Nissan has already planned to shift some manufacturing to the United States to skirt tariffs, and if such moves are replicated by others, it could spark a broader hollowing out of industrial production in Japan.

Japan’s biggest automaker, Toyota Motor, said last week that while it aimed to protect production and jobs in Japan, U.S. tariffs would likely cost it more than $1 billion in April and May alone.

Honda’s chief executive, Toshihiro Mibe, said on Tuesday that the company plans to expand manufacturing in the United States to try to recover some of the billions of dollars of tariff losses it forecast. That includes moving some domestic production of its hybrid Civic to a factory it operates in Indiana, he said.

Japan is also negotiating with the United States regarding the proposed 24 percent “reciprocal” tariff, which the Trump administration announced last month and then delayed until early July. The next round of trade talks is expected later this month, but progress has stalled.

Japan has said lower tariffs on cars are a necessary condition of any trade deal, a position that Prime Minister Shigeru Ishiba reiterated in parliament on Monday.

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“Due to the uncertain global tariff situation and macroeconomic conditions, we are withdrawing our full year 2025 financial outlook,” the motorcycle maker said in a statement.

The company estimated its tariff bill could reach $175 million this year, even though most of its suppliers are in the US, because it still imports parts from China, which face a hefty 145% tariff.

Harley-Davidson suspended its forecast “due to the uncertain global tariff situation.” Getty Images

Its global motorcycle sales plunged 21% compared to the year before, “driven by a volatile macroeconomic environment and overall consumer uncertainty,” the company said.

While automakers enjoyed a rush of sales, as customers hurried to buy cars ahead of any tariff-induced price hikes, Harley-Davidson saw consumers hold back on non-necessities and splurges.

It reported softer-than-expected retail sales in the US, with motorcycle shipments of 24,865 in the three months ended March 31 – compared to 41,577 in the same period last year.

Revenue fell 23% in the first quarter to $1.33 billion compared to the previous year

Moving forward, the company is focused on cost productivity measures, supply chain mitigation, tight operating expense control and slimming down inventory at dealers, according to CEO Jochen Zeitz.

Shares in Harley-Davidson jumped 3.4% by approximately 12:10 p.m. ET.

The company estimated its tariff bill could reach $175 million this year. Getty Images

Data released on Wednesday showed the US economy unexpectedly shrank as companies rushed to import goods ahead of the tariffs.

Consumer sentiment last month, meanwhile, plunged to its lowest level since October 2011 as fears that the global trade war could reheat inflation and even trigger a recession grew, according to a monthly survey by the Conference Board.

Harley-Davidson, meanwhile, is on the hunt for a new CEO after Zeitz said in April that he plans to retire.

Investment firm H Partners has been fighting to kick Zeitz and two other longtime directors from Harley’s board at its annual meeting later this month, according to The Wall Street Journal.

H Partners has argued the three board members are responsible for Harley’s poor performance and “cultural depletion.”

Harley has said that H Partners is trying to orchestrate the CEO’s replacement out of spite, after its own candidate did not receive support from the board.

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Shoppers are expected to spend around $23.6 billion this year, compared with $22.4 billion estimated last year, the trade body’s survey showed, with discount stores once again poised to be the top destination for Easter shopping.

Prices of eggs, traditionally used for Easter decor and games, have nearly doubled from last year as avian influenza wiped out millions of hens and led to a shortage of eggs in February.

Shoppers are expected to spend around $23.6 billion this year, compared with $22.4 billion estimated last year Getty Images

Retail bellwether Walmart left out eggs from its yearly Easter promotional meal kit, shared late last month at a lower price than 2024.

President Donald Trump’s sweeping tariffs on several trade partners have also raised fears of a recession, casting a pall on consumer sentiment in the United States.

However, retailers such as Target and dollar stores that enjoyed an upbeat December quarter thanks to robust Christmas spending have said consumers are expected to shop for Easter with similar interest.

“As we witnessed throughout the pandemic, holidays such as Easter are especially meaningful for Americans during times of uncertainty. And we are continuing to see that trend as consumers prioritize their Easter celebrations this year,” said Katherine Cullen, NRF vice president of industry and consumer insights.

This year, Walmart left out eggs from its yearly Easter promotional meal kit. Walmart

“From other holidays NRF tracks, we know that consumers who are feeling constrained by higher prices or the economy may cut back in other areas, look to sales or find less costly substitutes in order to preserve their traditional celebrations.”

NRF’s forecast said a majority of consumers were expected to shop inspired by tradition to buy Easter-related items, while 36% were also expected to be influenced by sales and promotions.

Candy, food and gifts are likely to be at the top of shopping lists this Easter, with consumers seen spending a total of $7.4 billion on food, $3.8 billion on gifts and $3.3 billion on candy, the report said.

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