CBS Corporation CBS beat third-quarter expectations Wednesday even as core earnings declined and revenue grew by just 2 percent.
CBS has gained 2.3 percent in Thursday's premarket, trading at $53.73 per share.
The New York-based media company said the lower earnings resulted from higher costs for programming as well as changes in foreign exchange rates.
Third-quarter adjusted profit from continuing operations fell to $400 million, or $0.74 per share, from $431 million, or $0.70 per share a year earlier. Analysts expected $0.72 per share for the recent period.
Net earnings from continuing operations fell to $72 million, from $431 million.
Revenue grew to $3.37 billion, from $3.3 billion a year earlier.
Entertainment revenue grew by 1.4 percent to $1.91 billion; cable networks revenue grew 4.6 percent to $624 million and local broadcasting grew 6 percent to $680 million.
Publishing revenue declined 11 percent to $199 million.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
