Paramount Global stock dipped by around 14% after the company announced disappointing Q1 returns.
Paramount+ hit 60 million total subscribers, adding 4.1 million in Q1, less than half of the platform's growth from Q4 2022.
- Paramount's
Q1 revenue was $7.26 billion for the first quarter, below Wall Street
expectations of $7.4 billion; the company posted an overall loss of $1.1
billion for the quarter.
- Overall streaming losses widened to
$511 million from $456 million, with executives noting that this trend
will likely continue through 2023 as the company continues beefing up
its content offerings.
- Pluto TV now has 80 million monthly active users.
- A
weak global ad market continued to hurt the company, particularly in
terms of NFL games on CBS; content licensing also declined 15% over the
year before.
