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CBS, the former Columbia Broadcasting System, released its 2017 second fiscal quarter results earlier this week, on August 07. The reports returned better than expected results, as these showed record Q2 operating income and revenues.
Company shares also marked an increase after the earnings call results became public.
CBS Reveals a Strong 2017 Second Quarter
Analysts estimates placed CBS’s revenue for the quarter at $3.11 billion which would have earned 97 cents per share. According to the company results, the broadcaster reportedly earned $1.04 per share and, after some adjustments, resulted in a revenue of $3.26 billion. This makes for a 9.4 percent revenue growth, which exceeded the Wall Street projections.
CBS’s reverse compensation and retransmission consent also marked a 25 percent increase. In a statement, the company also revealed that its advertising sales also rose by 4.3 percent in the second quarter of 2017.
As viewer trends mark an increasingly stronger shift towards the online, traditional TV live viewership number have continued declining. However, CBS appears to have been capable of surpassing this obstacle and return growth.
Analysts point out that it managed to do so by expanding on the online and by increasing its pay TV services fees. CBS also generated more revenue by selling shows either for domestic reruns or in international markets.
The company is also seemingly looking to boost its online ad sales if its hiring of a former Univision and Facebook executive is anything to go by. CBS Corp. also released data relating to its paid online versions of Showtime and CBS.
According to the company statement, these two services are expected to bring a combined subscribers number that will surpass 4 million in 2017. CBS also expressed its intention of taking CBS All Access, its broadcast network’s online version, to international markets. Canada will reportedly be its starting point.
Returning Shows, Additional Services
Les Moonves, the CBS CEO, is also reported as having stated that the return of Twin Peaks to its Showtime also helped lead to a “terrific quarter”. The show also reportedly helped boost subscriptions for CBS’s OTT streaming services for this cable network.
Moonves also revealed that CBS would be looking to launch a streaming sports channel sometimes later this year. One that will be modeled after CBSN, its streaming news service.
Following the release of the 2017 second quarter results, the CBS shares closed 1 percent higher, at $63.62. After the closing bell, they were up by another 2 percent.
Image Source: Wikimedia