Ad Revenue Declines Hit CBS and News Corp Earnings
CBS and News Corp beat Wall Street expectations on the bottom line but advertising revenue declined for both companies. In afterhours trading, CBS shares were down 2 percent.
CBS and News Corp beat Wall Street expectations on the bottom line but advertising revenue declined for both companies. CBS posted profits of $0.78 a share, beating forecasts by three cents. Revenue came in at $3.86 billion, slightly missing analysts’ expectations. News Corp surprised to the upside on both the top and the bottom line with earnings $0.11 a share on $2.08 billion in revenues. In afterhours trading, CBS shares were down 2 percent. News Corp was flat after closing up more than a tenth of a percent.
