Paramount Global Shares Drop After Q4 Consensus Miss, Paramount+ Reaches 56M Subscribers

Paramount Global PARA reported fourth-quarter FY22 revenue growth of 2% year-on-year to $8.13 billion, missing the consensus of $8.16 billion.
Global Direct-to-Consumer (DTC) subscribers rose to more than 77 million, adding 10.8 million total subscribers in the quarter.
Paramount+ added 9.9 million subscribers in the quarter, bringing Paramount+'s total subscribers to 56 million.
Pluto TV grew global Monthly Active Users to nearly 79 million.
TV Media revenue fell 7% Y/Y to $5.88 billion. TV Media: Advertising revenue decreased 7% Y/Y, Affiliate subscription revenue declined 4% Y/Y, and Licensing and other revenue declined 11% Y/Y.
Direct-To-Consumer revenue grew 30% Y/Y to $1.396 billion. Direct-To-Consumer: Subscription revenue grew 48% Y/Y to $936 million, reflecting paid subscriber growth on Paramount+. Advertising revenue increased 4% Y/Y to $460 million.
Filmed Entertainment revenue increased 35% Y/Y to $936 million, led by the current quarter's theatrical releases.
Adjusted EPS of $0.08 missed the consensus of $0.24.
Paramount held $2.89 billion in cash and equivalents.
CEO Bob Bakish stated, "Paramount continues to demonstrate the success of its global multiplatform strategy, with popular content at its core. Nowhere was this more evident than in the growth of Paramount+, which added a record 9.9M subscribers in the fourth quarter, driven by hit content like Top Gun: Maverick, 1923 and Criminal Minds: Evolution."
Price Action: PARA shares traded lower by 1.10% at $24.29 on the last check Thursday.

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