Todd Spangler NY Digital Editor Shares of Paramount Global tumbled as much as 22% in early trading Thursday after the media conglomerate reported disappointing first-quarter 2023 results and slashed its dividend.
Paramount posted a Q1 net loss of $1.12 billion, as revenue of $7.27 billion was down 1% on shortfalls in its TV media and filmed entertainment units.
The company’s streaming business, which includes Paramount+ and Pluto TV, saw revenue rise 39% in the first quarter to $1.5 billion.
However, the direct-to-consumer segment posted a loss of $511 million, growing 12% compared with the year-earlier period. The company said Paramount+ added 4.1 million subscribers in the quarter, coming to a total of 60 million overall.
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