Several notable names in the streaming and entertainment sector, including Paramount Global (NASDAQ:PARA) (NASDAQ:PARAA) (NASDAQ:PARAP), are trading lower in sympathy with Netflix Inc (NASDAQ:NFLX) after the company reported first-quarter earnings results and guided for a decline in global streaming paid memberships.
Similar to Netflix, Paramount produces original motion pictures and owns a library of 2,500 films. Paramount operates a number of streaming services, most notably streaming service Paramount+ and Pluto TV.
Netflix reported quarterly earnings of $3.53 per share which beat the analyst consensus estimate of $2.90. Netflix also reported quarterly sales of $7.87 billion which missed the analyst consensus estimate of $7.93 billion by 1%. Global streaming paid net additions were down 200 thousand.
Netflix sees second-quarter revenue of $8.053 billion, below the analyst consensus estimate of $8.21 billion. Netflix also sees EPS of $3.00, below the analyst consensus estimate of EPS of $3.01. Netflix also guided for second-quarter global streaming paid memberships of 219.64 million, which represents a decrease of 2 million from the first quarter.
According to data from Benzinga Pro, Paramount has a 52-week high of $47.46 and a 52-week low of $27.25.
