CBS profit tops estimates but revenue slips
(AP) NEW YORK - CBS Corp.'s (CBS) net income rose 8 percent in the second quarter, beating analysts' expectations, even as advertising revenue fell and it took in less money from the sale of program reruns.
The broadcast network operator said revenue was hurt because it did not repeat big gains it posted a year ago, including an initial bump from its TV licensing deal with Netflix (NFLX).
Shares inched 9 cents higher in after-hours trading to $33.13.
Net income in the three months to June 30 rose to $427 million, or 65 cents per share. That handily beat the 59 cents per share expected by analysts polled by FactSet.
Revenue slipped 3 percent to $3.48 billion, below the $3.53 billion expected.
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