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Paramount stock rises after strong earnings report, adding to blockbuster day

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The media conglomerate reported a 38% increase in revenue and 63 million subscribers on Paramount+.

The media giant's shares already jumped 10% during the regular trading day.Paramount Global's stock moved higher in extended trading Thursday after it reported strong revenue and subscription trends in its third quarter earnings report.

Paramount – home to brands like CBS, Showtime, BET, Nickelodeon and its namesake movie studio – reported a 38% increase in revenue year-over-year. In the third quarter, streaming service Paramount+ saw 2.7 million net additions to its 63 million total subscriber count. The company also narrowed losses in its streaming segment to $238 million from $343 million a year ago.For the period ended Sept.

The company said theatrical revenue increased 63% year-over-year, citing movies such as "Mission: Impossible – Dead Reckoning Part One" and "Teenage Mutant Ninja Turtles: Mutant Mayhem." The TV ad market, however, posed a challenge for the company, with advertising revenue dipping 14% year-over-year. The company cited "continued softness in the global advertising market and lower political advertising."

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