Earnings: CBS Net Income Plunges 96 Percent; Interactive Rev Down 8 Percent
CBS Corp. (NYSE: CBS) had a particularly painful Q2, even by the standards of other broadcasters. The company’s profits plummeted 96.2 percent to $15.4 million ($.02 per diluted share) from $408.4 million ($.61 per diluted share). Not that Q208 was a great quarter; the difference is reflected in the boost that was provided by the pre-tax gain of $127.2 million on the sale of CBS’ investment in Sundance Channel. Revenues dropped 11.2 percent to $3.01 billion from Q208′s $3.39 billion, ad sales continued to shrink.
Things were a lot better on the digital end, as interactive revenues for the segment more than tripled to $126.4 million from $40.2 million the year before.
| 2Q 2009 | 2Q 2008 | Analysts Estimates For 2009 | |
|---|---|---|---|
| EPS | $0.02 | $0.61 | NA |
| Net Income | $15.4M | $408.4M | NA |
| Revenue | $3.01B | $3.39B | NA |
– Better than Q1: Leslie Moonves, CBS’ President and CEO, tried to put the best face on the company’s Q2. After all, it’s certainly better Q109, when the company swung to a $55 million loss. “We continue to believe that the back half of the year will be considerably stronger than the first,” he said in a statement.
CBS Interactive revenue breakdown, from its 10Q just filed:
when did the Cnet revenue consolidate with CBS Interactive?