Paramount (NASDAQ: PARA) stock is making big gains Friday. The media company's share price was up 14.2% as of 1:30 p.m. ET, according to data from S&P Global Market Intelligence.

Paramount published third-quarter results after the market closed yesterday, posting sales and earnings performance that came in ahead of the market's targets. Not only did the company deliver top- and bottom-line beats, it also issued forward guidance that's prompting an uptick in bullish sentiment.

Paramount recorded non-GAAP (adjusted) earnings per share of $0.30 on revenue of $7.13 billion in Q3. Meanwhile, the average analyst estimate had called for per-share earnings of $0.10 on sales of $7.12 billion. While revenue came in slightly above expectations in the period, earnings absolutely crushed Wall Street's target, and it looks like the beat might not be a one-off event.

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Source Fool.com