CBS Shares Fall On Q1 Sales Miss

CBS Corporation CBS shares are off despite reporting its best-ever quarterly revenue in the first quarter.

First-quarter adjusted earnings came in at $1.37, in-line with consensus. Sales came in at $4.17 billion, missing estimates by $130 million.

"CBS has once again grown across all of our key financial metrics, while continuing to invest in our future as a global multiplatform premium content company," said Joe Ianniello, President and Acting Chief Executive Officer. "We delivered higher profits and achieved double-digit revenue growth, helped in part by Super Bowl LIII and strong increases in affiliate and subscription fee revenues."

Highlights

• Revenues increased 11 percent
• Advertising revenues grew 18 percent, driven by Super Bowl LIII
• Affiliate and subscription fee revenues grew 11 percent

CBS shares are down 1.8 percent at $49.50 in after-hours trading.