Bob Bakish ViacomCBS
Paramount Global released the financial results for Q1 2022, where Paramount+ saw growth adding 6.8 million subscribers. Revenue in the company’s DTC business increased 82% (up to US$1 billion) due to a 59% jump in ad sales and a 95% increase in subscription revenues.
Total revenue fell about 1% to $7.33 billion in the first quarter, from US$7.4bn to US$7.3bn between January and March 2022. Net earnings fell slightly more, 52% from US $911 million in the first quarter of 2021 p to US$433 million in this latest report. This was due to increased investment in the company’s streaming services during the past period.
Earnings per share for investors was US$0.65, compared to US$1.46 last year, and well below what the conglomerate’s analyst estimated. During the day trading, Paramount Global shares on Wall Street saw a -1.29% in value.
As part of Paramount+’s expansion globally, CEO Bob Bakish said the service will launch in the UK and South Korea in June, while in India is expected in 2023.
