CBS Shares Fall On Q1 Sales Miss
CBS Corporation (NYSE: CBS) shares are off despite reporting its best-ever quarterly revenue in the first quarter.
First-quarter adjusted earnings came in at $1.37, in-line with consensus. Sales came in at $4.17 billion, missing estimates by $130 million.
"CBS has once again grown across all of our key financial metrics, while continuing to invest in our future as a global multiplatform premium content company," said Joe Ianniello, President and Acting Chief Executive Officer. "We delivered higher profits and achieved double-digit revenue growth, helped in part by Super Bowl LIII and strong increases in affiliate and subscription fee revenues."
Highlights
Revenues increased 11 percent
Advertising revenues grew 18 percent, driven by Super Bowl LIII
Affiliate and subscription fee revenues grew 11 percent
CBS shares are down 1.8 percent at $49.50 in after-hours trading.
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