CBS Q2 Earnings: Cable, Broadcast Nets Push Profit Up

Net income for the second quarter rose to $427M at CBS, a gain of 8% from a year earlier — overall revenue fell slightly to $3.5B

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.

Also read: CBS Earnings: Sumner Redstone Says 'This Quarter Tops It All'

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.