CBS Beats Earning Expectations in Q3, Down in Revenue

Company reported earnings per share of $0.88, higher than projections of $0.81

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CBS posted better than expected Q3 earnings but was down in revenue on Tuesday.

Wall Street had projected the company would report adjusted per-share earnings of $0.81 and $3.27 billion in revenue. Instead, the company reported per-share earnings of $0.88 and $3.26 billion in revenue. Per-share earnings were up from $0.74 in the year-ago frame. Revenue was down from $3.37 billion last year.

CBS shares rose one percent during regular trading on Tuesday to $48.24, but dropped one percent after the closing bell once the Q3 results were reported.

CBS president and CEO Leslie Moonves touted the network’s gains in advertising revenue, given that they had sold less inventory during upfronts.

“Add to that CBS’s broadcast of Super Bowl 50 in February and the upcoming presidential election, you can see why we feel very good about advertising in 2016,” Moonves said.

“Thanks to the strength of our great content, CBS continues to have a winning hand,” said Sumner Redstone, executive chairman of CBS Corporation. “Les and his team are capitalizing on all of the opportunities before us, and I’m confident they are setting the company up for continued, long-term growth.”

CBS launched its own streaming service, CBS All Access, in Oct. 2014. The company announced that a new “Star Trek” series from executive producer Alex Kurtzman will launch exclusively on the service in 2017.

A conference call with CBS senior management is set to begin shortly.