Why did Paramount+ cancel the series after Season 2 despite its improved reception?

I was not happy when I heard that paramount+ canceled the Halo TV show after the season 2. I couldn't understand the reason why because I believe that the show was a very successful one.

What could be the main reason why they cancelled the show? Could it be as a result of financial needs?

I have no idea why paramount+ canceled the Halo TV show after season 2. I was looking forward to the 3rd season to be announced. I hope they bring it back on track.

Season 2 was bad as far as I'm concerned. They need to right that wrong in season 3. It's the only way they can make the show worth it again.