CBS Corporation earnings (NYSE:CBS) were released late in the day and the company posted a profit and revenue that were new records for the company, although both figures missed expectations, sending CBS stock down after hours.
The media company said that for its fourth quarter of its fiscal 2018, it brought in record earnings of $1.49 per share, which is below the $1.54 per share that analysts were calling for, according to data compiled by Yahoo Finance. it also said that it brought in record revenue of $4.02 billion, missing the $4.19 billion that the Wall Street consensus called for, according to Yahoo Finance.
Revenue was also 3% higher than it was during its fourth quarter of fiscal 2017, when it brought in sales of $3.92 billion. Advertising revenue was also higher by 7% year-over-year thanks to record political ad sales during the most recent midterm elections.
“CBS delivered our best-ever quarterly and full year results as we continue to position our Company for even stronger long-term growth,” said Joe Ianniello, president and acting CEO. “Our strategy of creating more of the premium content that audiences want and making it available across new and traditional platforms continues to pay off, driving quarterly increases in subscribers at CBS and Showtime, both consecutively and year over year.”