Paramount Global shares fall over 28% after weak earnings report, dividend cut
Publishing timestamp: 2023-05-04 12:57:28
Summary
Paramount Global missed analyst estimates for earnings and revenue, leading to a significant drop in stock price. The company is cutting its dividend and aiming to divest non-core assets to boost free cash flow and stop streaming losses by 2024. Despite a rise in streaming revenue, direct-to-consumer losses widened, and the company took impairment charges in the first quarter.
Sentiment: NEGATIVE
Tickers: PARA,
Keywords: technology, business news, breaking news: business, paramount global, media,
Source: https://www.cnbc.com/2023/05/04/paramount-global-earnings-miss-estimates-stock-falls.html