the company, led by CEO Bob Bakish, posted revenue of $7.4 billion and adjusted EPS of $1.52, in part because CBS hosted the Super Bowl in early 2021.
Paramount’s stock is down 1% in pre-market trading on the New York Stock Exchange following the results. Paramount surprised Wall Street during the fourth quarter of 2021 by revealing a rebranding from ViacomCBS to simply Paramount, and told Wall Street analysts the company was making a big push towards streaming with bullish projections for 100 million subscribers between Paramount+ and Showtime over the next two years.
While Paramount+ this quarter saw a big boost in subscribers, its global streaming subscribers hit 62 million and grew by just 6.3 million overall.
Paramount+ though now sits at just shy of 40 million subscribers, up from last quarter’s estimate of 32.8 million, and Paramount also reported that Pluto TV, its free, ad-supported streaming channel, has 68 million monthly active users.
Read more on thewrap.com
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