CBS Corp's quarterly profit beat forecasts as affiliate and subscription revenue at its TV networks rose, while advertising sales fell.
Net income for the second quarter rose to $427 million, an 8 8 percent gain from a year earlier, the company said Thursday. Earnings per share rose 12 percent to 65 cents.
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On average, analysts had expected earnings of 59 cents per share, according to Thomson Reuters.
Overall revenue fell slightly to $3.5 billion from $3.6 billion in the same quarter a year ago. Advertising revenue decreased to $2.1 billion from $2.2 billion a year earlier.
"We're confident 2012 will be a record year, and we will produce exceptional results in 2013 and beyond as well," CBS chief executive Les Moonves said in statement.