CBS Broadcasts Sales that Exceed Analyst Expectations
CBS Corp (NYSE:CBS) released its second-quarter earnings after the bell Wednesday, reporting that its net income rose 11 percent over the quarter and 10.5 percent over the year to $472 million or 76 cents per share — just slightly above analysts’ estimates of 72 cents per share. In the same period a year ago, CBS posted a profit of $427 million or 65 cents a share.
CBS also beat the analysts’ sales target of $3.51 million, racking up its own $3.7 billion. Reflecting an 11 percent increase from the year before, this revenue was boosted thanks to licensing deals from online streaming providers such as Netflix (NASDAQ:NFLX), Amazon (NASDAQ:AMZN), and Hulu. The sales push also helped the country’s most watched television network’s stock rise 0.97 percent to 52.84 in after-hours trading as of 5:16 p.m.