Why Paramount Global (PARA) Shares Are Plunging Today - Paramount Glb (NASDAQ:PARA)

Paramount Global PARA reported a first-quarter FY23 revenue decline of 1% year-on-year to $7.265 billion, missing the consensus of $7.420 billion.
Total global viewing hours across Paramount+ and Pluto TV increased by over 50% Y/Y and over 20% Q/Q.
Paramount+ added 4.1 million subscribers in the quarter, bringing Paramount+'s total subscribers to 60 million.
Pluto TV grew global Monthly Active Users to 80 million.
TV Media revenue fell 8% Y/Y to $5.19 billion. TV Media: Advertising revenue decreased 11% Y/Y, Affiliate subscription revenue declined 1% Y/Y, and Licensing and other revenue declined 15% Y/Y.
Direct-To-Consumer revenue grew 39% Y/Y to $1.51 billion. Direct-To-Consumer: Subscription revenue grew 50% Y/Y to $1.11 billion, reflecting paid subscriber growth on Paramount+. Advertising revenue increased 15% Y/Y to $398 million.
Filmed Entertainment revenue decreased 6% Y/Y to $588 million, reflecting the timing and mix of releases and lower consumer products licensing revenues.
Adjusted EPS of $0.09 missed the consensus of $0.17.
Paramount held $2.11 billion in cash and equivalents.
Price Action: PARA shares traded lower by 17.1% at $18.93 premarket on the last check Thursday.

Why Paramount Global Shares Are Plunging Today