CBS Q2 Revenues, Profits Up1 Aug, 2008 By: Chris Tribbey
CBS Corp. saw both its revenues and profits up for the second quarter 2008, both increasing 1% over the same period last year.
Revenue was at $3.39 billion for the quarter and earnings were at $408.4 million. CBS executives echoed concerns voiced by several other media companies this week, noting that sharp drops in advertising revenues contributed to shrinking profits.
“The media business is changing and CBS Corp. is changing along with it to enable us to expand the reach of our world-class content to fast-growing areas such as the interactive marketplace,” said CBS executive chairman Sumner Redstone. “I am very confident that Leslie and his team are effectively operating our company to prevail in the current market environment, while positioning CBS to thrive over the long term.”