Latest news with #NaveenChopra
Yahoo
11-06-2025
- Business
- Yahoo
Roblox hands $6M in bonuses to CFO poached from Paramount
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Departing Paramount Global CFO Naveen Chopra is set to receive $6 million in cash bonuses when he takes the top financial seat at immersive game platform Roblox, according to a Tuesday securities filing. Chopra is set to take Roblox's top finance seat on June 30, the San Mateo, Calif.-based game platform said. The bonuses that Chopra, 51, is set to receive from his new employer will be comprised of a $3 million cash signing bonus, which will vest and be paid throughout a three-year period, as well as a second, $3 million signing bonus, '1/36 of which will be earned for each month of completed service,' according to Roblox. His compensation will also include an annual base salary of $735,000. The New York-based media and entertainment conglomerate Paramount appointed Andrew Warren, currently serving as the strategic advisor to the Office of the CEO to the role of interim CFO upon Chopra's departure, Paramount said in a Monday press release. Chopra will from his role effective June 27 after a four-year tenure as Paramount's finance chief, the company said. The incoming finance chief will also receive an award of restricted stock units with a value of $28 million, according to the filing with the Securities and Exchange Commission. Roblox has also earmarked $15,000 per month for temporary housing reimbursement through Aug. 31, 2026, with a maximum of $900,000 in relocation expenses for the new CFO, per the filing. As CFO for the Roblox platform, which enables users to both program and play games, Chopra will succeed Michael Guthrie, Roblox said in a Tuesday filing. Guthrie will remain to provide 'advisory transitional services' to Roblox for a one-month period, the company said. An alum large companies including Amazon and music streaming service Pandora, Chopra has served as Paramount Global's CFO beginning in August 2020, according to his LinkedIn profile. Prior to joining Paramount, he served as CFO, Amazon Devices and Services for the e-commerce company, and served as CFO and interim CEO for Pandora. He also held various executive roles during a 13-year career at TiVo. The CFO appointment comes as Roblox looks to entice new users to its platform, with the company reporting a surge in its daily active users (DAU) for its Q1 2025 ended Mar. 31. The company saw 97.8 million DAUs in the period, a 26% jump year-over-year, according to its earnings report published May 8. Roblox also reported just over $1 billion in revenue for its Q1, a 29% increase YoY, as well as a 31% YoY rise in bookings to reach $1.2 billion, according to its earning report. Despite its most recent growth, Roblox has struggled to reassure investors about its potential for profitability. The company reported a consolidated net loss of $216.3 million for its Q1 2025, after posting a full-year consolidated net loss for 2024 of just over $940 million, according to earnings reports. The company has also faced questions regarding the safety of its platform, especially regarding its use by children: last October, now-defunct shortseller Hindenburg Research published a report accusing the platform of both inflating its user numbers and of being a 'pedophile hellscape for kids.' Questions about the platform's safety have repeatedly surfaced among both parents and other users, with digital behavior researchers Revealing Reality reporting the current safety measures employed by the platform remained 'limited in their effectiveness,' The Guardian reported in April. At Paramount, the CFO switch comes as the entertainment platform is seeking to navigate its own set of challenges after reconstituting its executive leadership last April — now led by a triumvirate of top executives in the Office of the CEO, including George Cheeks, Chris McCarthy and Brian Robbins. Chopra's departure comes as Paramount is reportedly gearing up to lay off about 3.5% of its workforce, CNBC reported Tuesday, citing a company memo. Last year Paramount moved to cut about 15% of its workforce in a three-phase plan, as part of a strategy to reduce its annual costs by $500 million, CNBC reported at the time. The cost-cutting moves also come as Paramount still seeks approval for its stalled $8 billion merger with Skydance, which has also been grappling with President Donald Trump's ongoing $20 billion lawsuit against 60 Minutes. Roblox and Paramount declined to comment beyond its press release. Recommended Reading Saab deputy finance chief moves to CFO chair Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-06-2025
- Business
- Yahoo
PARA Q1 Earnings Call: Management Emphasizes Content Investment, Streaming Progress, and Cost Discipline
Multinational media and entertainment corporation Paramount (NASDAQ:PARA) beat Wall Street's revenue expectations in Q1 CY2025, but sales fell by 6.4% year on year to $7.19 billion. Its non-GAAP profit of $0.29 per share was 12% above analysts' consensus estimates. Is now the time to buy PARA? Find out in our full research report (it's free). Revenue: $7.19 billion vs analyst estimates of $7.1 billion (6.4% year-on-year decline, 1.3% beat) Adjusted EPS: $0.29 vs analyst estimates of $0.26 (12% beat) Operating Margin: 7.6%, up from -5.4% in the same quarter last year Market Capitalization: $8.52 billion Paramount's first quarter results were shaped by a combination of ongoing investment in original content, a disciplined approach to cost management, and continued subscriber growth in its streaming division. Management highlighted the notable increase in Paramount+ global subscribers, driven by high-profile releases such as "Landmine" and "1923," as well as the sustained engagement from established franchises like South Park and Yellowstone. Co-CEO Chris McCarthy stated, "Paramount+ revenue increased 16% year-over-year," attributing this to the company's focus on fewer, larger original series and improved churn metrics. Additionally, the film segment benefited from the theatrical and streaming success of "Sonic the Hedgehog 3," which contributed to improved performance across both home entertainment and streaming platforms. Looking ahead, Paramount's outlook centers on achieving domestic profitability for Paramount+ and leveraging its extensive content library to support growth across both streaming and traditional TV. Management acknowledged the volatile advertising market and the impact of increased digital video supply, but CFO Naveen Chopra said, "Our priorities for the full year have not changed. We continue to expect to deliver Paramount+ domestic profitability for 2025." The company also emphasized upcoming launches, including new Yellowstone franchise series and original productions, as critical for maintaining subscriber engagement. Management cautioned that macroeconomic uncertainty, particularly in advertising, could affect results but reaffirmed its commitment to cost controls and investment in key growth initiatives. Management attributed first quarter results to streaming subscriber growth, franchise-driven content engagement, and cost reductions, while noting digital advertising headwinds and an evolving competitive landscape. Streaming subscriber momentum: Paramount+ added 1.5 million global subscribers in the quarter, reaching 79 million, driven by original series and exclusive franchise content. Global watch time per user increased 17% year-over-year, and churn declined by 130 basis points, supporting higher subscription revenue. Content strategy focus: The company maintained its approach of producing fewer, larger original series, which management credits for increasing engagement and powering subscriber growth. High-performing titles such as "Landmine" and "1923" ranked among the top streaming original launches, with new franchise extensions planned for later in the year. Film segment performance: The theatrical release of "Sonic the Hedgehog 3" generated strong box office results and contributed to a significant boost in streaming and home entertainment revenue. "Gladiator 2" also became the most streamed movie in Paramount+ history, demonstrating the enduring appeal of established intellectual property. Advertising market pressures: Digital advertising revenue faced downward pressure due to an oversupply of digital video inventory, particularly impacting Pluto TV. Management expects these supply-demand imbalances to stabilize over time but has not yet observed improvement. Progress on cost control: Paramount reported a 35% reduction in average production costs for studio films over the past two years and continued to implement non-content expense cuts across segments, which contributed to margin expansion and improved operating results. Paramount's guidance is shaped by its focus on streaming profitability, disciplined content investment, and a cautious outlook on advertising and affiliate revenues. Streaming profitability targets: Management reiterated its goal of achieving domestic profitability for Paramount+ in the current year, citing ongoing efforts to boost subscriber growth, reduce churn, and increase average revenue per user (ARPU). The company expects these improvements, combined with fixed cost leverage, to drive better margins in the streaming segment. Advertising and affiliate headwinds: The company anticipates continued volatility in the advertising market due to macroeconomic dynamics and digital inventory oversupply, particularly on Pluto TV. Affiliate and linear TV revenues are expected to decline at a rate similar to recent quarters, primarily driven by pay TV subscriber losses, but partially offset by successful affiliate renewals. Content-driven engagement: Paramount plans to launch multiple new originals and franchise extensions, including new Yellowstone spin-offs and returning series, to retain and attract subscribers. Management believes that leveraging its intellectual property portfolio is essential for sustaining engagement and supporting growth in both streaming and traditional TV. In the coming quarters, our analysts will monitor (1) Paramount's ability to achieve streaming profitability targets, particularly for Paramount+ in the U.S.; (2) stabilization in digital advertising revenues as supply-demand dynamics evolve; and (3) the performance of upcoming original content and franchise launches in attracting and retaining subscribers. Cost discipline and the outcome of the pending Skydance transaction will also be important to watch. Paramount currently trades at a forward P/E ratio of 8×. In the wake of earnings, is it a buy or sell? The answer lies in our full research report (it's free). 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Mint
10-06-2025
- Business
- Mint
Who is Naveen Chopra? Former Paramount CFO and media executive tapped by Roblox
to Online gaming and games creation platform Roblox, has appointed former Paramount executive Naveen Chopra as its new Chief Financial Officer, effective from June 30, 2025, the company said in a release. It added Naveen Chopra will manage the company's financial operations, "including accounting, internal audit, tax and treasury, business operations, investor relations, and financial planning and analysis' functions. 'His experience in driving growth and innovation across both technology and entertainment companies will be instrumental in Roblox's ongoing expansion,' the release noted. While his immediate previous role was as CFO of Paramount Global, Chopra has more than 25 years of 'financial and strategic leadership experience' in various tech and media companies, including Amazon, TiVo and Pandora. A veteran executive in the media and technology spaces, he has spent over 10 years as CFO of a listed company. At Paramount, he drove the transition from legacy media to streaming, producing direct to consumer subscription and advertising-based businesses, which now comprise more than 25 per cent of the company's revenue. It was under Chopra that Viacom sold its stake in the Viacom18 JV to its partner TV18 (subsidiary of Reliance Industries) and exited the Indian market in 2024. Through Viacom, Paramount has presence in the Indian TV space since 2004 with youth programming channels such as MTV and VH1. As the CFO of Amazon's Devices and Services business, Chopra spearheaded monetisation for some of Amazon's fastest growing and most strategic consumer bets such as Alexa, Fire TV, Ring, Kindle, and Project Kuiper. Additionally, he has held CFO roles at Pandora and Tivo. Chopra is also a member of the board of directors at Macy's Inc. He holds a bachelor's degree in Computer Science and Economics and a Master of Business Administration, both from Stanford University. In his statement, Chopra said Roblox presents a unique opportunity 'to connect and empower a scaled global audience'. He added that the role gives him an opportunity 'to combine my passion for revolutionary consumer entertainment with my experience in technology and media to drive the next chapter of growth at Roblox'. Roblox CEO and co-founder David Baszucki hailed Chopra's prior experience and called him the 'ideal leader' for the company. 'Naveen's experience as CFO at leading companies equips him with invaluable financial and strategic acumen to foster Roblox's growth. His engineering foundation further enhances his ability to align technical operations with financial strategy, making him an ideal leader for our ongoing innovation and success,' Baszucki said. Chopra is succeeding Michael Guthrie, who in 2024 said he would step down as CFO to pursue personal interests. Guthrie will stay as a consultant with Roblox to ensure a smooth transition.
Los Angeles Times
09-06-2025
- Business
- Los Angeles Times
Roblox taps Paramount's Naveen Chopra as new CFO
Roblox Corp. tapped Paramount Global's Naveen Chopra as its new chief financial officer, effective June 30. 'Naveen's experience as CFO at leading companies equips him with invaluable financial and strategic acumen to foster Roblox's growth,' Roblox Chief Executive Officer and co-founder Dave Baszucki said in a statement. Chopra, whose departure as CFO of Paramount was simultaneously announced, has also held top positions at Inc., in its devices and services business, and as CFO at Pandora and Tivo Corp. Last year, Roblox's longtime CFO Michael Guthrie announced plans to step down. He has led the 20-year-old creative video game company as it went public in 2021 and helped boost revenue 89% since then to $3.6 billion at the end of 2024. This year, Roblox has drawn record crowds to its fastest-growing game ever, Grow a Garden. Guthrie will remain CFO at Roblox until June 30 and then serve as a consultant to ensure a smooth transition, the company said. D'Anastasio writes for Bloomberg.
Wall Street Journal
09-06-2025
- Business
- Wall Street Journal
Paramount Global CFO Naveen Chopra to Depart for Roblox
Paramount Global's Chief Financial Officer Naveen Chopra is departing for the same role at Roblox RBLX -2.48%decrease; red down pointing triangle. Chopra joins Roblox effective June 30, the immersive gaming company said Monday.
