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CBS reported earnings and revenue that beat analysts' expectations, sending its shares up in after-hours trading.
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CNBC.com |
CBS, home to the top rated TV broadcast network, said it earned 39 cents a share in the third quarter, excluding one-time items, on revenue of $3.35 billion.
Analysts had expected CBS to report a profit of 22 cents a share on a topline of $3.195 billion.
Television revenues increased 9 percent to $2.27 billion in the third quarter, as higher affiliate revenue helped offset a tough advertising market. CEO Les Moonves said in a statement that the business continues to improve, and he saw better trends in the economy and ad sales. He affirmed the company's full-year profit outlook.
"We have been telling you that the second half of the year would be better than the first and today's results bear that out," he said.
CBS is particularly vulnerable to advertising, given its reliance on its TV network as well as radio, Internet and outdoor advertising businesses. About 65 percent of its revenue typically comes from advertising.
Sales dropped in its digital, radio and outdoor divisions, but the sale of hit shows such as "Criminal Minds" and "Medium" into syndication gave it a boost.
Shares of CBS rose about 2 percent in after-hours trading, after ending the session [CBS
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] 7 percent higher at $12.77. Get after-hour quotes for CBS here.
In the same period last year, the company earned 40 cents a share on sales of $3.376 billion.
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