CBS second-quarter profit drops 7 percent, tops forecast

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NEW YORK — CBS Corp. on Thursday reported profit that decreased by 7 percent in its second quarter, but beat analysts' expectations.

The New York-based company said earnings decreased to $439 million, or 76 cents per share, from $472 million, or 76 cents per share, in the same quarter a year ago.

Earnings, adjusted for one-time gains and costs, came to 78 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.

The company said revenue decreased 5 percent to $3.19 billion from $3.37 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $3.3 billion, according to Zacks.

CBS shares have decreased $6.84, or 11 percent, to $56.90 since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 3 percent. However, the stock has increased $2.86, or 5 percent, in the last 12 months.

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