Vivendi SA (VIVHY) shares surged the most in ten months in Paris trading Friday after the French media group topped second quarter profit forecasts late Thursday and confirmed its full year outlook.
Vivendi, which is controlled by billionaire investor Vincent Bollore and owns both Universal Music Group and France's Canal Plus television network, posted operating earnings of €203 million in the three months ending in June, firmly ahead of the consensus forecast of €183 million and 16% higher than the same period last year. Group revenues rose 8.7%, the company said, to €2.74 billion.
UMG, the world's biggest music label, saw a massive 53.8% surge in earnings to €152 million, the company said, thanks in no small part to the popularity of 'Despacito,' which recently became the world's most-downloaded single which has sat at the top of Billboard's Top 100 for a record-tying 16 weeks.
The hit song by Luis Fonsi and Daddy Yankee, which also features Justin Bieber, has been played more than 4.6 billion times across all streaming platforms, surpassing the previous record (held by Bieber's "Sorry") of 4.38 billion.
Vivendi shares jumped more than 7% at the opening bell, the biggest single-day gain since November, before paring the advance to around 5% to close near a two-month high of €20.28 each.
More of What's Trending on TheStreet: