CBS third-quarter revenue, profit tops estimates
Reuters
Published Nov 01, 2018 04:23PM ET
CBS third-quarter revenue, profit tops estimates
(Reuters) - Media company CBS Corp (N:CBS) beat analysts' estimates for third-quarter revenue and profit on Thursday, driven by strong ad sales.
CBS, home to popular shows such as the "Big Bang Theory," and "NCIS", said advertising revenue during the reported quarter rose 14.2 percent to $1.26 billion.
The New York-based company's results come at time when it has lost Chief Executive Officer Leslie Moonves amid allegations of sexual assault and harassment with former Chief Operating Officer Joe Ianniello being named interim CEO.
CBS has hired two law firms, Covington & Burling and Debevoise & Plimpton, to investigate the claims. The investigation is ongoing.
However, CBS said affiliate and subscription fees revenue — which includes revenue from cable and satellite TV operators and online streaming providers, including its own All Access offering — fell 12 percent to $1.01 billion.
Net income from continuing operations rose to $488 million, or $1.29 per share, in the quarter ended Sept. 30, from $418 million, or $1.03 per share, a year earlier.
On an adjusted basis, the company earned $1.24 per share. Total revenue rose 3 percent to $3.26 billion.
Analysts on average had expected a profit of $1.22 per share on revenue of $3.24 billion, according to IBES data from Refinitiv.
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Written By: Reuters
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