(Reuters) -Paramount Global Inc missed Wall Street estimates for quarterly revenue on Thursday, weighed down by more users cutting their Pay-TV plans and extended weakness in its advertising business.
TV advertising revenue declined 7% in the fourth quarter, compared with a 3% decline in the prior quarter, offsetting growth in its streaming service.
Paramount+ added 9.9 million subscribers in the fourth quarter, but adjusted operating losses in the direct-to-consumer unit increased to $575 million from $502 million a year-earlier.
Revenue at the company, formerly known as ViacomCBS, rose 2% to $8.13 billion in the fourth quarter ended Dec. 31, but fell short of analysts’ average estimate of $8.16 billion, according to Refinitiv data.
Shares in Paramount fell about 2% in premarket trading.
(Reporting by Eva Mathews in Bengaluru and Helen Coster in New York; Editing by Sriraj Kalluvila)
