CBS Corp. revenue beat analyst projections in a Monday report, which the company credited to content like the "Twin Peaks" reboot and the NCAA basketball tournament. CBS reported net income from continuing operations of $397 million, or 97 cents a share, on sales of $3.26 billion, up from profit of 82 cents a share on sales of $2.98 billion in the year-ago quarter. Analysts on average expected adjusted earnings of 97 cents per share on revenue of $3.1 billion, according to FactSet. CBS Chief Executive Leslie Moonves said in the announcement that the new "Twin Peaks" show "boosted OTT subscriptions dramatically" for the Showtime streaming service, and the company said ad revenues were helped by the semifinals and finals of the NCAA men's basketball championships.
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.