Football fans watching games on CBS and a jump in streaming subscribers helped Paramount Global (PARA) post better-th🃏an expected results, and shares skyrocketed over 11% in earlyꦕ trading Friday.

The media giant reported third quarter fiscal 2023 澳洲幸运5官方开奖结果体彩网: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 fr𓆏om its TV Media division. Paramount indicated that was driven by the strong performance of CBS, especially broadcasts of the NFL, which was “delivering it🌃s 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 wri꧂ters and actors limited content available for licensing, and that revenue tumb🍰led 12%.

CEO Bob Bakish explained that the company’s streaming investment “peaꦅked ahead of plan,” and Paramount 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.