CBS CBS Corp

By Maria Armental 

CBS Corp.'s streaming-services expansion helped deliver a better-than-expected revenue growth in its second quarter.

The New York-based company reported revenue for the quarter rose 9.9% from a year earlier to $3.81 billion. Analysts polled by FactSet expected $3.72 billion.

The company added quarterly profit rose 10% to $440 million, or $1.17 a share. On an adjusted basis, the company reported a profit of $1.16 a share. Analysts surveyed by FactSet anticipated $1.12 a share.

The company said subscriptions from direct-to-consumer streaming services -- anchored by CBS All Access and Showtime -- helped drive a 13% increase in affiliate and subscription revenue in the quarter.

Without disclosing actual subscription figures for those services, CBS said it remains on track to reach its goal of 25 million combined subscribers by 2022.

Advertising revenue rose 7%, led by the broadcast of the national semifinals and championship game of the NCAA Division I men's basketball tournament, the company said.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

August 08, 2019 16:57 ET (20:57 GMT)

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