Shares of CBS Jump After Quarterly Revenue and Profit Beat Analysts’ Estimates
Shares of CBS Corp jumped nearly 2.6 percent in the extended session Thursday after the media company said its quarterly results topped Wall Street estimates thanks to higher content licensing and subscription fees.
The New York-based company reported adjusted first-quarter earnings of $1.09 a share and revenue of $3.34 billion for the first quarter ended March 31. The most-watched U.S. TV network witnessed revenue from content licensing and distribution jumped 16 percent while those from cable TV operators and from its own streaming content also surged by more than 16.5 percent.
According to CBS CEO Leslie Moonves, revenue from distributors and broadcast affiliates, which is expected to increase about 25 percent this year, will help offset losses in advertising revenue, which had dropped 23 percent to $1.6 billion last quarter from a year earlier and will continue to fluctuate from quarter to quarter, depending on events.
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