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CBS Corporation (NYSE:CBS) reported a second-quarter earnings beat after the close on Thursday.
Earnings came in $1.16 beating estimates by 4 cents. Sales came in at $3.809 billion, beating estimates by $99 million.
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"CBS delivered another outstanding quarter as we continue to execute on our long-term growth strategy, which is to invest in our premium content and direct-to-consumer streaming services," said Joe Ianniello, President and acting CEO. "We achieved double-digit revenue growth in the second quarter, with increases in each of our three key revenue sources. Our direct-to-consumer services, CBS All Access and Showtime, continue to perform strongly, helping fuel a 13% increase in affiliate and subscription fee revenue for the quarter. And we remain on track to reach our goal of 25 million subscribers combined by 2022.
"Meanwhile, advertising grew 7%, and we have continued momentum as we head into the back half of the year, thanks to another robust upfront, with solid gains in pricing. Content licensing also had a very strong quarter, up 12%, as we continue to build a lucrative portfolio by creating must-have programming for our own content brands in addition to highly successful content for third-party platforms."
Highlights
- Revenues increased 10%
- Advertising revenues grew 7%
- Content licensing and distribution revenues up 12%
Shares of CBS closed Thursday's session at $50.82.
Photo by ViperSnake151/Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.