Shares of Paramount Global (NASDAQ: PARAA) cratered by more than 20% at the time of writing in morning trading on Thursday after the mass media and entertainment conglomerate reported adjusted earnings of $0.09 per share in Q1, down by 85% year-over-year and below consensus estimates of $0.17 per share.
The company’s revenues declined by 1% year-over-year to $7.26 billion in the first quarter and missed analysts’ expectations of $7.4 billion.
Bob Bakish, President and CEO of Paramount Global commented, ” This [The momentum] resulted in Paramount+ and Pluto TV reaching significant milestones with 60 million subscribers and 80 million MAUs, respectively, while CBS is poised to claim the #1 spot in broadcast for the 15th straight season.”
In another disappointment to investors, Paramount also reduced its quarterly cash dividend to $0.05 per share.
PARAA stock has cratered by more than 30% in the past year.