NEW YORK — CBS Corp. (CBS) on Wednesday reported second-quarter net income of $332 million.
The New York-based company said it had profit of 67 cents per share. Earnings, adjusted for restructuring costs, came to 74 cents per share.
The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The media company posted revenue of $3.22 billion in the period, which did not meet Street forecasts. Eight analysts surveyed by Zacks expected $3.24 billion.
CBS shares have fallen roughly 9 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 2 percent. In the final minutes of trading on Wednesday, shares hit $50.47, a fall of 11 percent in the last 12 months.
Keywords: CBS, Earnings Report