CBS Reports Decline in Revenue
November 03 2015 - 4:54PM
Dow Jones News
By Tess Stynes
CBS Corp. reported that its third-quarter revenue fell 3.3%,
which the entertainment giant blamed on the timing of television
licensing sales and decreases in pay-per-view revenue.
Revenue declined to $3.26 billion from $3.37 billion a year
earlier. Analysts polled by Thomson Reuters had expected revenue of
$3.27 billion.
Overall, CBS reported a profit of $426 million, or 88 cents a
share, down from $1.64 billion, or $3.03 a share, a year earlier.
Analysts polled by Thomson Reuters expected per-share profit of 81
cents.
The year-earlier period included a gain of $1.56 billion related
to the sale of CBS's majority stake in CBS Outdoors America Inc.,
which split off from the media giant in 2014.
CBS Chief Executive Leslie Moonves has maintained that the
company faces fewer worries from cord-cutters because it has fewer
channels to distribute and has the most-watched broadcast
network.
At the same time, CBS has been spending to create its own
"over-the-top" services such as its CBS All Access as well as an
Internet-delivered version of its premium channel Showtime, which
was introduced in July.
In addition to updates on the CBS's fall television season,
investors likely will be looking for any breakout of results at its
over-the-top offerings.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 03, 2015 16:39 ET (21:39 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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