CBS (NYSE:CBS) annnounced on Thursday that it earned $427 million during the second quarter, up 8% from the same time last year.
Revenue, however, fell to $3.5 billion, down 3% from 2011.
EPS for the quarter was 65 cents. That topped the 59 cents that Wall Street was looking for, Reuters noted.
Investors rallied on the news, sending CBS shares up almost 6% in Friday morning trading.
Company officials predicted record profits for the current year.
Cost-cutting efforts helped boost margins during the quarter. The company recorded a 8% increase in subscription and affliliate revenues.
Advertising revenue, on the other hand, fell 4.5% to $2.1 billion compared to last year. Company officials indicated that they expected to see increased ad revenue during in coming quarters due to the approaching presidential election.
Earlier this week, media rival Comcast (NASDAQ:CMCSA), which owns NBC, reported second-quarter earnings that beat analysts’ forecasts and higher overall revenue. But revenue at its NBC unit slumped 9%. Yesterday, Time Warner (NYSE:TWX), which owns a number of cable TV channels, posted increased earnings and revenue that also beat Wall Street estimates.