Paramount Global added 6.3 million total subscribers in the first quarter of the year, which means that now the company has more than 62 million global streaming subscribers. These additions were driven by Paramount+, which added 6.8 million subscribers in the period, bringing its total subscriber count to almost 40 million. Other DTC services subscribers declined, “primarily due to timing of new programming,” the company said.
However, financially speaking, the entertainment giant reported revenue dipped 1% to $7.33 million during the quarter, compared with $7.41 million last year. The company believes that this drop is due to the fact that the last quarter included the broadcasting of the Super Bowl LV, one of the largest television events in the world, which usually attracts massive viewers and ad sales.
Furthermore, Paramount also reported revenue declines across all three of its major business lines – broadcast advertising, filmed entertainment and distribution. This pushed profit lower to $433 million compared to $911 million last year. On an adjusted basis, the company delivered earnings per share of 60 cents, narrowly beating Wall Street projections of 51 cents.
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