CBS posts 1Q loss on advertising weakness
LOS ANGELES — CBS Corp., the media company controlled by billionaire Sumner Redstone, said Thursday it lost $55 million in the first quarter as advertising revenues fell sharply.
The results missed Wall Street expectations, but the company gave an upbeat outlook for the rest of the year.
“We are seeing early signs of improvement in the advertising marketplace both locally and nationally,” Chief Executive Leslie Moonves told analysts on a conference call. “It is premature to call it a full recovery, but the trends are encouraging.”
The New York-based company said its net loss amounted to 8 cents per share, down from a profit of $244 million, or 36 cents per share, a year ago.
Revenue dropped 13 percent to $3.16 billion.
Analysts surveyed by Thomson Reuters expected, on average, earnings of 7 cents per share on revenue of $3.26 billion.
Shares fell 21 cents, or 2.6 percent, to $7.85 in after-hours trading after the earnings were released. Earlier, shares closed up 1 percent at $8.06.
Operating income fell or losses got worse at all CBS divisions in the quarter.
Television operating income fell 54 percent to $185 million as revenue fell 12 percent to $2.23 billion, and advertising revenue was down 15 percent.
Radio profits fell 62 percent to $44 million.
Its outdoor advertising business lost $38 million, reversing a $44 million profit from a year ago.
Its interactive online business losses widened to $12 million from $3 million despite the acquisition of CNet Networks Inc. in June of last year.
The publishing division, including Simon & Schuster, posted an operating loss of $2 million, compared to a $15 million profit a year ago.
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