CBS 3Q profit up but revenue misses estimates

0
19

NEW YORK (AP) ? Broadcasting company CBS says its third-quarter net income rose 7 percent, helped by new online streaming deals for its content as advertising revenue “held steady” despite lower political ad spending.

Net income in the three months to Sept. 30 grew to $338 million, or 50 cents per share, from $317 million, or 46 cents per share, a year ago.

That beat the 46 cents per share expected by analysts polled by FactSet.

Revenue increased 2 percent to $3.37 billion from $3.3 billion, but was short of the $3.44 billion expected by analysts.

CBS Corp.’s stock fell 7 cents to $24.45 in after-hours trading Thursday after the results were released. Shares had closed down 43 cents, or 1.7 percent, at $24.52 in the regular session.