Paramount Global said on Tuesday it added more than 6 million streaming subscribers in the first quarter but missed revenue estimates, hurt by weaker TV advertising sales in a period without the Super Bowl broadcast.Total revenue fell about 1 per cent to $7.33 billion in the first quarter, below analysts' estimates of $7.38 billion, according to IBES data from Refinitiv.
The results also come at a time when Wall Street has raised concerns over the long-term viability of streaming as the pandemic boom fades. Still, Paramount's investments in unscripted programming and live sports on its flagship Paramount+ platform have helped it weather some of these challenges.
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