Shares of Paramount Global shot up 10% in morning trading Friday after the company reported solid Q3 results and said it is moving toward streaming profitability.
The stock gained $1.23. or 10.3%, to $13.15, after early reaching as high as $13.49. Shares remain down about 31% since the start of the year.
The media conglomerate late Thursday reported net income of $295 million, or 43 cents per share, for its third quarter of 2023, up 28% from a year ago. Adjusted earnings per share rose to 30 cents, steaming past the 9 cents per share analysts were expecting, according to Zacks Investment Research.