Shares of Lions Gate Entertainment (NYSE: LGF-A) (NYSE: LGF-B) closed Friday's trading session up 25.3% and 25.7%, respectively. The movie and TV studio reported stellar fiscal 2023 third-quarter results, and investors were starving for some good news.

For the period, which ended Dec. 31, Lions Gate's sales rose 13% year over year to a cool $1.0 billion. Adjusted earnings soared from $0.02 per diluted share to $0.26 per diluted share over the same period. The average analyst was expecting its revenues to shrink by 2% while earnings were supposed to stop at $0.19 per share. The studio breezed by both targets by a wide margin.

The bulk of Lions Gate's sales growth came from its television production segment, where six shows were renewed during the fiscal third quarter.

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Source Fool.com