CBS Edges Past Wall Street’s Q2 Earnings Projections as Streaming Revenue Climbs

CBS narrowly edged past Wall Street’s expectations with its second quarter financial performance on Thursday, with the company pointing to continued growth from its streaming business as a key to better-than-expected revenue growth. CBS reported Q2 revenue of $3.8 billion and adjusted earnings per share of $1.16, topping analyst estimates of $3.7 billion in sales and $1.12 EPS. Revenue increased 10% year-over-year. “CBS delivered another outstanding quarter as we continue to execute on our long-term growth strategy, which is to invest in our premium content and direct-to-consumer streaming services,” CBS president and acting CEO Joe Ianniello said in a statement. “We achieved double-digit revenue growth in the second quarter, with increases in each of our three key revenue sources. Our direct-to-consumer services, CBS All Access and Showtime, continue to perform strongly, helping fuel a 13% increase in affiliate and subscription fee revenue for the quarter.” Also Read: Could Disney's New $12.99 Streaming Bundle Be a Netflix Killer? Revenue from subscriptions and affiliate fees climbed from $989 million last year to $1.11 billion during Q2; Advertising sales also grew from $1.33 billion last year to $1.42 billion. Despite the increased streaming revenue, CBS declined to share an update on how many subscribers...

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