Television revenue fell 10% to $1.95 billion as ad sales fell 13%, offsetting the rise in subscriber fees for its Showtime pay TV channel.
NEW YORK (AP) — CBS Corp. said Thursday its second-quarter net profit fell sharply as softness in the advertising market continued. Yet the broadcast network saw early signs of recovery during the quarter.
“We continue to believe that the back half of the year will be considerably stronger than the first,” CBS Chief Executive Leslie Moonves said in a statement.
Net profit in the April-June quarter dropped 96 percent to $15 million, or 2 cents per share, from $408 million, or 61 cents per share, a year earlier.
Adjusted earnings, which excluded $54 million in charges for the early retirement of debt and stock-based compensation, fell to 8 cents per share from 49 cents per share a year ago. That still beat the 7 cents per share expected by analysts polled by Thomson Reuters.
Revenue dropped 11 percent to $3.01 billion from $3.39 billion. Analysts were expecting $3.03 billion.
Shares in CBS, a New York-based broadcasting company run by Sumner Redstone, rose 25 cents, or 2.9 percent, to $8.79 in after-hours trading after the results were released. Earlier, it closed down 32 cents, or 3.6 percent, at $8.54 in the regular session.
Television revenue fell 10 percent to $1.95 billion as ad sales fell 13 percent, offsetting the rise in subscriber fees for its Showtime pay TV channel.
Radio revenue fell 23 percent to $322 million on ad weakness, and outdoor advertising sales sank 27 percent to $434 million.
Interactive revenue more than tripled to $126 million from $40 million, based on CBS’ acquisition of CNet Networks Inc. for $1.8 billion in June of last year.
Publishing revenue from its Simon & Schuster book brand fell 2 percent to $181 million.
The company said it continues to expect full-year operating income before depreciation and amortization to be between $1.73 billion and $1.93 billion.