Paramount Global considerably reduced its net loss in the first quarter, standing at $554 million, or $0.87 per share, down from $1.12 billion, or $1.74 per share, as compared to the same quarter last year.
The company also announced a significant shift in leadership with Bob Bakish, President and CEO, deciding to step down from his roles. His responsibilities will now be managed by the Office of the CEO, composed of three senior company executives — George Cheeks (CEO, CBS), Chris McCarthy (CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks), and Brian Robbins (CEO, Paramount Pictures and Nickelodeon).
For the first quarter, Paramount Global's adjusted earnings from continuing operations saw a significant leap with a rise to $0.62 per share, a considerable growth compared to $0.09 per share in last year's corresponding period. Thomson Reuters' analysts, who traditionally exclude special items, had predicted the company's earnings to be $0.36 per share for the current quarter.
As for the company's revenues, there has been an encouraging growth recorded in the first quarter, rising to $7.69 billion from the previous year's $7.27 billion. The revenue was slightly less than the analyst expectations of $7.73 billion for the quarter.
In addition, Paramount+ observed a surge in subscribership, crossing the 71 million mark following an addition of 3.7 million net memberships in the current quarter.
