LOS ANGELES (AP) — CBS Corp. on Tuesday said its net income grew 80 percent in the first quarter, as revenue surged on digital licensing deals for its TV shows and overseas sales of reruns.
Net profit rose to $363 million, or 54 cents per share, from $202 million, or 29 cents per share, a year ago.
Unusual items offset each other; the adjusted earnings of 54 cents per share blew by the 44 cents per share expected by analysts polled by FactSet.
Revenue rose 12 percent to $3.92 billion, also beating the $3.79 billion analysts were looking for.
The company also spent $269 million buying back shares during the quarter.
CBS shares rose 88 cents, or 2.6 percent, to $34.30 in extended trading, after the results were released. Shares closed up 4 cents in the regular session at $33.42.
Advertising revenue grew 5 percent to $2.4 billion while fees from cable and satellite TV signal providers grew 7 percent to $455 million.
Revenue from content licensing deals jumped 39 percent to $1.02 billion.
"Our ability to capitalize on the fundamental shifts in our industry has led to the growth of significant new revenue streams," CEO Leslie Moonves said in a statement. "At the same time, we continue to benefit from underlying advertising growth."
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