Investing.com - Broadcaster CBS slumped in after-hours trading Thursday as the company reported earnings and revenue below what analysts were expecting.
CBS (NYSE:CBS) reported a first-quarter profit of $1.37 per share, short of the consensus estimate of $1.39 per share compiled by Investing.com.
Revenue of $4.17 billion was shy of forecasts for $4.31 billion.
Shares fell about 1.2% postmarket.
The company said advertising revenue grew 18% from the year-ago period and noted strength in its streaming services. But revenue from its content licensing and distribution segment fell 3.2% to $963 million in the quarter.
CBS, home to popular shows such as the "The Late Show with Stephen Colbert," and "The Big Bang Theory", last month suspended the search for a permanent CEO and extended the role of its interim CEO Joseph Ianniello, sparking speculation about the company considering for the third time a tie-up with sister company Viacom (NASDAQ:VIAB).
While media majors Walt Disney (NYSE:DIS) and AT&T (NYSE:T) are tapping into their extensive film and TV libraries to launch streaming rivals to Netflix (NASDAQ:NFLX) and Amazon's (NASDAQ:AMZN) Prime video, smaller players CBS and Viacom appear to be harmonizing their strategy, focusing on providing original content to other distributors.
-- Reuters contributed to this report.