(Reuters) – Paramount Global Inc missed first-quarter revenue estimates on Thursday as advertisers cut back on spending in a challenging economic environment.

Shares of the company fell nearly 6% in trading before the bell.

Paramount faces tough competition from established players like Netflix (NASDAQ:NFLX) and Walt Disney (NYSE:DIS) Co’s Disney+, despite ramping up investments in original content to attract subscribers to its streaming platform.

Revenue at the company, formerly known as ViacomCBS (NASDAQ:PARA), was $7.27 billion in the first quarter ended March 31, compared with analysts’ average estimate of $7.42 billion, according to Refinitiv data.

Operating loss stood at $1.23 billion, compared with an operating income of $775 million a year earlier.