CBS Earnings: Here’s What We’re Doing RIGHT
CBS Corp. (NYSE:CBS), the company behind the network responsible for such hit television shows as “Two and a Half Men” and “The Big Bang Theory,” is popping the champagne today after reporting record quarterly results.
“As great as these last few years have been, this quarter tops it all,” said Executive Chairman Sumner Redstone after reporting first-quarter results on Tuesday. Earnings soared 80 percent as the broadcaster benefited from content-licensing deals with online media companies as well as pay-TV distributors paying higher fees to carry the CBS Network, the most-watched network in the U.S.
Net earnings were $363 million, or 54 cents a share, in the January through March quarter, up from $202 million, or 29 cents a share, in the year-earlier period. CBS posted $3.92 billion in revenue, beating expectations.
“This increase was led by content licensing and distribution revenues, which were up 39%, driven by licensing agreements for digital streaming as well as international and domestic syndication sale,” the company said.
Investors responded positively, sending CBS shares were up nearly 3 percent in after-hours trading following the earnings report.