Why Paramount Global Shares Are Trading Lower Today - Paramount Global (NASDAQ:PARA)

Paramount Global PARA reported a first-quarter FY22 revenue decline of 1% year-on-year to $7.33 billion, missing the consensus of $7.38 billion.
Global streaming subscribers rose to over 62 million, adding 6.3 million total subscribers.
Paramount+ added 6.8 million subscribers in the quarter, bringing Paramount+ total subscribers to almost 40 million.
Pluto TV grew global Monthly Active Users to nearly 68 million.
TV Media revenue reduced 6% Y/Y to $5.65 billion due to the CBS broadcast of Super Bowl LV in the year-ago period, partially offset by higher licensing and affiliate revenue. Excluding the impact of the Super Bowl, TV Media revenue grew by 2%.
Direct-To-Consumer revenue grew 82% Y/Y to $1.09 billion.
Direct-To-Consumer: Subscription revenue grew 95% Y/Y to $742 million, reflecting paid subscriber growth on Paramount+. Advertising revenue increased 59% Y/Y to $347 million, reflecting growth from Pluto TV and Paramount+ driven by improved pricing and impressions.
Filmed Entertainment revenue declined 27% Y/Y to $624 million due to lower licensing revenue partially offset by the benefit of current quarter theatrical releases.
Adjusted EPS of $0.60 beat the consensus of $0.51.
Paramount generated $397 million in operating cash flow and held $5.3 billion in cash and equivalents.
Price Action: PARA shares traded lower by 4.63% at $28.87 in the premarket on the last check Tuesday.