Paramount Global (NASDAQ:PARA) shares dropped more than 4% on Thursday after the company reported its Q4 results, which came in worse than expected. EPS was $0.08, compared to the Street estimate of $0.24, while revenue of $8.13 billion missed the Street estimate of $8.18 billion. The miss was due to more Pay-TV users canceling their subscriptions and prolonged underperformance in the advertising sector.

The company reiterated that 2023 will be a peak EBITDA loss year for streaming and guided to negative free cash flow (FCF) in 2023, followed by a return to positive FCF in 2024.