CBS Reports Q2 Earnings Beat

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.

"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.