Paramount Global's Q1 Earnings Report Results in Major Stock Drop and Dividend Cut.
TL;DR Summary
Media company Paramount Global's shares fell by 25% after it reported weak earnings and revenue that missed analyst estimates and cut its quarterly dividend. The company's traditional TV revenue dropped 8% in the quarter, while its film studio division reported a 6% drop in revenue year-over-year. Paramount plans to divest non-core assets to boost free cash flow and stop streaming losses by the end of 2024. The company also took an impairment charge of $1.67 billion in the first quarter from content removed as a result of combining Paramount+ with Showtime into a single U.S. streaming platform.
Topics:business#business#dividend-cut#earnings-report#non-core-assets#paramount-global#streaming-revenue
- Paramount Global shares fall 25% after weak earnings report, dividend cut CNBC
- Paramount stock plummets after earnings show widening streaming losses, ad softness Yahoo Finance
- Paramount Posts Earnings Loss on $1.7 Billion Charge, Cuts Dividend The Wall Street Journal
- Paramount Streaming Loss Widens to $511M as Paramount+ Hits 60M Subs; Company Takes $1.67B Programming Charges, Cuts Dividend Hollywood Reporter
- Paramount Global Swings To Loss On Streaming, Soft Ad Market In Rough First Quarter; Stock Drops Deadline
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