Paramount Global shares plummet as company cuts dividend and earnings miss estimates.
Rafael Henrique | SOPA Images | Lightrocket | Getty Imagesfell as much as 28% Thursday after it reported earnings and revenue that missed analyst estimates and cut its quarterly dividend.The company cut its dividend to 5 cents per share from 24 cents a share to "further enhance our ability to deliver long-term value for our shareholders as we move toward streaming profitability," Chief Executive Officer Bob Bakish said in a statement.
Paramount Global's traditional TV revenue, which consists of CBS and its cable networks such as MTV, Comedy Central and Nickelodeon, dropped 8% in the quarter to $5.2 billion. The company's film studio division reported a 6% drop in revenue year-over-year.
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