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Why Paramount Global Shares Are Plunging Today

Paramount Global (NASDAQ: PARA) reported a first-quarter FY23 revenue decline of 1% year-on-year to $7.265 billion, missing the consensus of $7.420 billion. Total global viewing hours across Paramount+ and Pluto TV increased by over 50% Y/Y and over 20% Q/Q.
byAnusuya Lahiri
May 4, 2023
1 minute read
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  • Paramount Global (NASDAQ:PARA) reported a first-quarter FY23 revenue decline of 1% year-on-year to $7.265 billion, missing the consensus of $7.420 billion.
  • Total global viewing hours across Paramount+ and Pluto TV increased by over 50% Y/Y and over 20% Q/Q.
  • Paramount+ added 4.1 million subscribers in the quarter, bringing Paramount+’s total subscribers to 60 million.
  • Pluto TV grew global Monthly Active Users to 80 million.
  • TV Media revenue fell 8% Y/Y to $5.19 billion. TV Media: Advertising revenue decreased 11% Y/Y, Affiliate subscription revenue declined 1% Y/Y, and Licensing and other revenue declined 15% Y/Y.  
  • Direct-To-Consumer revenue grew 39% Y/Y to $1.51 billion. Direct-To-Consumer: Subscription revenue grew 50% Y/Y to $1.11 billion, reflecting paid subscriber growth on Paramount+. Advertising revenue increased 15% Y/Y to $398 million.
  • Filmed Entertainment revenue decreased 6% Y/Y to $588 million, reflecting the timing and mix of releases and lower consumer products licensing revenues.
  • Adjusted EPS of $0.09 missed the consensus of $0.17.
  • Paramount held $2.11 billion in cash and equivalents.
  • Price Action: PARA shares traded lower by 17.1% at $18.93 premarket on the last check Thursday.
 
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