Warner Bros. Discovery posted a third-quarter profit gain to $289 million for its direct-to-consumer (DTC) unit, which includes its streaming and premium pay-TV services, compared with a $111 million year-ago profit.

Warner Bros. Discovery posted a surprise profit and revealed that its streaming service Max had had its best-ever quarter on Thursday, sending its stock higher.The company, which is the parent of the movie studio Warner Bros.

It was the biggest quarterly growth for the streaming platform since its inception. Max now has 110.5 million subscribers as of Sept. 30.

Warner Bros. Discovery swung to its first quarterly profit in more than two years after it posted better-than-expected growth in streaming subscribers. Shares surged over 14% Thursday morning, on pace for their best day since January 2022 if gains holds through the session.

Warner Bros. Discovery posted better-than-expected earnings as its Max streaming service set a record for new subscribers, sending shares higher Thursday.

Warner Bros. Discovery made profit progress in its streaming business during the latest quarter, despite pressures related to broadcasting the Olympics in Europe. WBD’s direct-to-consumer segment posted adjusted earnings before interest,