CBS Corp's quarterly profit beat forecasts as affiliate and subscription revenue at its TV networks rose, while advertising sales fell.
Net income for the second quarter rose to $427 million, an 8 8 percent gain from a year earlier, the company said Thursday. Earnings per share rose 12 percent to 65 cents.
On average, analysts had expected earnings of 59 cents per share, according to Thomson Reuters.
Overall revenue fell slightly to $3.5 billion from $3.6 billion in the same quarter a year ago. Advertising revenue decreased to $2.1 billion from $2.2 billion a year earlier.
"We're confident 2012 will be a record year, and we will produce exceptional results in 2013 and beyond as well," CBS chief executive Les Moonves said in statement.