NEW YORK — CBS Corp. (CBS) on Tuesday reported third-quarter profit of $426 million.
The New York-based company said it had net income of 88 cents per share.
The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The media company posted revenue of $3.26 billion in the period, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $3.27 billion.
CBS shares have fallen 13 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 2 percent. In the final minutes of trading on Tuesday, shares hit $48.19, a decline of 11 percent in the last 12 months.
Keywords: CBS, Earnings Report