Sunday, June 4, 2023

Paramount sinks 25% after announcing worse results than expected

Television entertainment and information company paramount Global fell 25% on the Wall Street Stock Market on Thursday, after announcing quarterly results that disappointed investors.

Paramount announced a loss of US$1,225 million (€1,111 million) in the first three months of the year, compared to US$775 million in earnings in the same period of the previous year.

Revenues also suffered a slight recoil 1% to US$7.265 million, with the largest drop recorded in its main business, television, whose billing fell 8% to US$5.193 million.

Likewise, the income of its film division were also down 6%.

The segment that performed best was the television online viewing companies Paramount+ and Pluto TV, whose revenues increased 39% to $1.51 billion.

The company The owner of Paramount+, Pluto, CBS or MTV also cut its dividend per share by US$0.05 per title, the first reduction in its dividend since 2009, with which it hopes to save $500 million.

“The policy The updated dividend we have announced today will further enhance our ability to deliver long-term value to our shareholders as we move towards streaming profitability,” said the company’s CEO, Bob Bakisk.

Both the income and its benefits per share, which stood at 9 cents instead of the 17 expected by analysts, according to the firm Refinitiv, did not meet market expectations.


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