So, it’s the starting day of the writers strike. The writers claiming that the studios aren’t offering the writers enough of the revenue stream from streaming.
At which point Paramount announces results:
Paramount Global (NASDAQ:PARA) (NASDAQ:PARAA) stock has slid 22% out of Thursday’s market open after it reported a significant headline loss in first-quarter earnings and slashed its dividend, awash in streaming spending.
The stock is headed for its biggest one-day loss in more than a year.
Revenues dipped 1% to $7.27B, missing consensus expectations — and with costs and expenses swelling to $8.49B, the company swung to an operating loss of $1.23B from a year-ago gain of $775M.
Oh yes applause.
So, your move, writers.