Football fans watching games on CBS and a jump in streaming subscribers helped Paramount Global (PARA) post better-than expected results, and shares skyrocketed over🔯 11% in early trading Frida⛄y.

The media giant reported third quarter fiscal 2023 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $0.30, three times estimates. Revenue rose 3% year-over-year to $7.13 billion, also above forecasts.

More than half of its revenue came from its TV Media division. Paramount indicated that was driven by the strong performance of💝 CBS, especially broadcasts of the NFL, which was “delivering its best season viewership in years.”

Revenue at the company’s Direct-To-Consumer (DTC) unit was up 38% to $1.69 billion. Subscription revenue climbed 46% to $1.26 billion, lifted by a rise of 2.7 million subscribers and higher prices at its streaming service, Paramount+, along with pay-per-view events. Paramount+ now has 63 million subscribers. Losses at DTC fell 31% from a year earlier.

Paramount noted that the strikes by Hollywood writers and actors limited content available for l🐽icensing, and that revenue tumbl🍌ed 12%.

CEO Bob Bakish explained that the company’s streaming investment “peaked ahead of plan,” and P🍒aramount is on 🐭track to “achieving significant total company earnings growth in 2024.”

Shares of Paramount Global hit a more than four-year low late last month, and despite Friday’s gains, they remained deep in negative territory for the year.