CBS: 2Q Earnings Snapshot
NEW YORK (AP) _ CBS Corp. (CBS) on Thursday reported second-quarter net income of $400 million.
The New York-based company said it had profit of $1.05 per share. Earnings, adjusted for non-recurring costs, came to $1.12 per share.
The results exceeded Wall Street expectations. The average estimate of 27 analysts surveyed by Zacks Investment Research was for earnings of $1.11 per share.
The media company posted revenue of $3.47 billion in the period, also beating Street forecasts. Twenty-seven analysts surveyed by Zacks expected $3.46 billion.
CBS shares have fallen 11 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen almost 6 percent. In the final minutes of trading on Thursday, shares hit $52.59, a drop of 19 percent in the last 12 months.