CBS Corp. Q2 Revenue Up 11%, Net Income Up Tenfold
CBS Radio Sales Up 6%
August 3, 2010 at 3:05 PM (PT)
A rebound in local advertising helped propel CBS CORP. revenue to jump 11% in Q2, as its net income rose nearly 10 times to $150.1 million. Local broadcasting revenue jumped 17% to $678 million. TV station revenue surged 31% while radio sales grew 6%.
GOOGLE/AP reports that CBS' Net income in the three months to June 30 hit $150.1 million, or 22 cents per share, up from $15.4 million, or 2 cents per share, a year ago. Revenue rose 11% to $3.33 billion.
Local advertising revenue rose 17%, helping lift total ad sales for the company by 9%. CBS attributed the newfound profits to cost-cutting in the downturn.
Revenue at its segment that consists of its TV network, its TV studio, film studio and online group including CNET, wad up 10% to $1.67 billion. Cable network revenue, including that from pay TV channel SHOWTIME, rose 12% to $369 million.
Elsewhere, CBS' SIMON & SCHUSTER book division rose 5% to $190 million and Outdoor ad revenue increased 5% to $456 million.