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CBS 3rd-quarter profit up but revenue misses Street forecasts as ad sales 'held steady'
NEW YORK (AP) ' Broadcasting company CBS says its third-quarter net income rose 7 percent, helped by new online streaming deals for its content as advertising revenue "held steady" despite lower political ad spending.
Net income in the three months to Sept. 30 grew to $338 million, or 50 cents per share, from $317 million, or 46 cents per share, a year ago.
That beat the 46 cents per share expected by analysts polled by FactSet.
Revenue increased 2 percent to $3.37 billion from $3.3 billion, but was short of the $3.44 billion expected by analysts.
CBS Corp.'s stock fell 7 cents to $24.45 in after-hours trading Thursday after the results were released. Shares had closed down 43 cents, or 1.7 percent, at $24.52 in the regular session.