The media company reported adjusted earnings of $1.05 per share, beating analysts' estimated 98 cents per share.
Revenue grew 4% year-over-year to $3.40 billion, surpassing Wall Street's projected $3.34 billion.
For the year-ago period, CBS posted adjusted earnings of 93 cents per share and $3.26 billion in revenue.
CBS said revenue growth in the most recent period was driven by a 32% increase in retransmission revenues and fees from CBS affiliated stations, as well as growth from digital distribution platforms.
Advertising revenues were down 2% for the quarter as a result of advance bookings for the Democratic and Republican conventions and the first presidential debate, as well as competition from the 2016 Summer Olympics, the company added.
Shares of CBS moving between gains and losses in after-hours trading on Thursday.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates CBS as a Buy with a ratings score of B. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, revenue growth, notable return on equity and expanding profit margins. The team feels its strengths outweigh the fact that the company shows weak operating cash flow.