Streaming Services Boost CBS Revenue
09 August 2019 - 7:12AM
Dow Jones News
By Maria Armental
CBS Corp.'s streaming-services expansion helped deliver a
better-than-expected revenue growth in its second quarter.
The New York-based company reported revenue for the quarter rose
9.9% from a year earlier to $3.81 billion. Analysts polled by
FactSet expected $3.72 billion.
The company added quarterly profit rose 10% to $440 million, or
$1.17 a share. On an adjusted basis, the company reported a profit
of $1.16 a share. Analysts surveyed by FactSet anticipated $1.12 a
share.
The company said subscriptions from direct-to-consumer streaming
services -- anchored by CBS All Access and Showtime -- helped drive
a 13% increase in affiliate and subscription revenue in the
quarter.
Without disclosing actual subscription figures for those
services, CBS said it remains on track to reach its goal of 25
million combined subscribers by 2022.
Advertising revenue rose 7%, led by the broadcast of the
national semifinals and championship game of the NCAA Division I
men's basketball tournament, the company said.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 08, 2019 16:57 ET (20:57 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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