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Paramount Global Swings To Loss On Streaming, Soft Ad Market In Rough First Quarter; Stock Drops

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04.05.2023 - 12:39

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Paramount Global fell way shy of Wall Street forecasts with ongoing losses in streaming exacerbated by soft advertising at its TV/Media group last quarter and a dip in filmed entertainment as well.

The stock is down sharply — about 14% — in early trading Revenue was flattish (off1%) at $7.26 billion in the first quarter of 2023 from the year earlier.

Analysts were looking for $7.4+ billion. And the company swung to a loss of $1.1 billion for the first three months, from a profit of $433 million.

Sales in TV/Media (CBS and cable networks) fell 8%, with an 11% dip in advertising reflecting weakness in the global ad market and fewer NFL games on CBS.

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