Paramount announces layoffs despite streaming profitability

( NewsNation ) — Paramount Global will cut 15% of its workforce , about 2,000 employees, even as the company announced streaming service Paramount+ was finally profitable.

Paramount+’s revenue grew 46% year-over-year, according to a second-quarter financial report.

The company credited the original series “Knuckles” and other content for the increase, though subscription revenue also went up 12% thanks to a price hike. Another price hike is set to go into effect later in August.

Paramount isn’t the only company to charge users more in order to turn a profit off streaming. Disney also reported a streaming profit for the first time, following a series of price hikes across the company’s streaming services.

While Paramount+ showed growth, Paramount still reported a dip in earnings, though the company still had $4.3 billion in revenue.

Paramount previously laid off 800 employees in February. The company said the latest layoffs will primarily affect those in marketing and communications.

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