Why Paramount Global Shares Are Rising Following Netflix's Earnings Report

Several notable names in the streaming and entertainment sector, including Paramount Global Class B PARA, are trading higher in sympathy with Netflix Inc NFLX during Tuesday's after-hours session after the company reported better-than-expected third-quarter results and reported global streaming paid net additions of 2.41 million. Global streaming paid memberships grew 4.5% year over year.

What Happened?

Netflix reported third-quarter revenue of $7.93 billion, up 5.9% year-over-year. The total came in ahead of a Street estimate of $7.84 billion, according to data from Benzinga Pro.

The company posted third-quarter earnings per share of $3.10, beating a Street estimate of $2.13...Read More

See Also: Netflix Q3 Earnings Highlights: Revenue, Subscribers Beat Estimates, Company Throws Shade At Streaming Rivals

According to data from Benzinga Pro, Paramount Global has a 52-week high of $39.54 and a 52-week low of $17.94.