Paramount Global (PARA) reported third-quarter earnings before the bell on Wednesday, missing expectations as the industry grapples with unfavorable linear TV trends and a slowdown in advertising spend.

Here are Paramount's third quarter results compared to Wall Street's consensus estimates, as compiled by Bloomberg:

• Revenue: $6.92 billion versus $7.06 billion expected

• Adj. earnings per share (EPS): $0.39 versus $0.46 expected

• Paramount+ subscriber net additions: 4.6 million versus 3.25 million expected

The stock fell more than 8% in pre-market trading.

Profits suffered as a result of greater investments in content, marketing and international expansion. Weak advertising revenue, which declined 2% in the quarter, also weighed on the company's bottom line as macroeconomic headwinds take hold.

Nevertheless, Paramount CEO Bob Bakish praised the company's strong content offerings during the earnings call, doubling down on franchises while also signaling future momentum behind subscriber growth. The executive, who previously told Yahoo Finance that streaming prices will go up, confirmed future price increases, although no timeline was offered.

Paramount+'s Walmart partnership, which kicked off Sept. 8, coupled with its ongoing T-Mobile and Sky partnerships and a recent launch in Italy helped boost global subscribers in the third quarter.

The streamer now boasts 46 million paying users after the Q3 net addition of 4.6 million. 1.9 million subscribers were removed following the launch of SkyShowtime, which replaced the streaming service in the Nordic.

Overall, the company has nabbed nearly 67 million subscribers across its direct-to-consumer services. Pluto, Paramount's free ad-supported video streaming service, reported 72 million monthly active users.

Wall Street struggles

Wall Street remains stuck on long-term concerns over streaming losses expected to reach $1.8 billion in 2022 and rise further in 2023.

On Monday, Wells Fargo analyst Steven Cahall downgraded the stock from Equal Weight to Underweight, his second downgrade in less than a month, citing concerns surrounding increased cord cutting and streaming profitability. Cahall also cut his price target to $13 a share — down from $19.

"With both linear and [direct-to-consumer] presenting challenges, PARA is likely to have negative revisions and tough decisions, which could include reconsidering sports rights or shifting strategy," the analyst wrote in a note to clients. "On the strategy, we think PARA is better off as an arms dealer or considering content/streaming asset sales, but we do not view those as likely."