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

Paramount Global PARA reported third-quarter FY22 revenue growth of 5% year-on-year to $6.92 billion, missing the consensus of $7.02 billion.
Global streaming subscribers rose to nearly 67 million, adding 4.6 million total subscribers.
Paramount+ added 4.6 million subscribers in the quarter, bringing Paramount+ total subscribers to 46 million.
Pluto TV grew global Monthly Active Users to nearly 72 million.
TV Media revenue fell 5% Y/Y to $4.95 billion. TV Media: Advertising revenue decreased 3% Y/Y, Affiliate and subscription revenue declined 5% Y/Y, and Licensing and other revenue declined 9% Y/Y.
Direct-To-Consumer revenue grew 38% Y/Y to $1.23 billion. Direct-To-Consumer: Subscription revenue grew 59% Y/Y to $863 million, reflecting paid subscriber growth on Paramount+.
Advertising revenue increased 4% Y/Y to $363 million, reflecting growth from Pluto TV and Paramount+.
Filmed Entertainment revenue increased 48% Y/Y to $783 million, led by the current quarter's theatrical releases.
Adjusted EPS of $0.39 missed the consensus of $0.43.
Paramount held $3.38 billion in cash and equivalents.
Price Action: PARA shares traded lower by 10.30% at $17.20 on the last check Wednesday.

Paramount Global Shares Drop Post Q3 Earnings Miss; Ad, Subscription, Licensing Revenue Declines