Home » Business » “Paramount Global Reports First Quarter Net Loss Due to Write-Offs and Merger Impact”

“Paramount Global Reports First Quarter Net Loss Due to Write-Offs and Merger Impact”

American telecommunications conglomerate Paramount Global completed first quarter of the year with a net loss of $1.12 billion. This is the result of massive write-offs of $1.7 billion due to the merger of streaming service Showtime and digital platform Paramount+. In this regard, the company had to revise its own plan for the size of quarterly dividends: they were reduced immediately by 79%, to $0.05 per share. This is the first dividend cut in over a decade.

The conglomerate’s revenue fell 1% year-over-year to $7.27 billion. And perhaps the only positive result in the first quarter was an increase in the number of Paramount + subscribers by 4.1 million, now their number is 60 million.

The negative reporting was reflected in the company’s stock quotes, which fell by about 27%.

Kirill Sarkhanyantz

2023-05-04 17:59:24
#Paramount #Global #shares #fall #due #dividend #cut #years #Kommersant

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.