Shares of the media company slipped 0.02 percent to $54.20 in extended trading, after closing at $54.21 on the New York Stock Exchange. The company, which owns cable channel Showtime, radio stations and publishing house Simon & Schuster, said net income rose to $423 million, or 93 cents per share, in the second quarter ended June 30 from $332 million, or 67 cents per share, a year earlier. Analysts on average had expected 86 cents, according to Thomson Reuters I/B/E/S.
Alphabet Inc , Google's parent, on Thursday revealed that efforts to push its vast advertising business toward mobile is paying off as second quarter earnings handily beat Wall Street's expectations. The results put to rest lingering concerns about how the rise of mobile might impact Google, which has a strong mobile presence with its Android smartphone operating system but has long relied on desktop search traffic to power its profits. Advertisers typically pay less for user clicks on mobile ads than on desktop ads, Google's traditional strength, but the strong earnings performance suggests that is beginning to change, said Colin Gillis, an analyst with BGC Partners.
Amazon.com Inc posted strong results across its older and newer businesses on Thursday as global Web retail sales and cloud services topped Wall Street targets and the world's largest online merchant forecast revenue would outpace expectations in the current quarter as well. The Seattle-based company is riding a wave of retail sales moving to the internet, and its Netflix-like video streaming is bringing new customers to its subscription Prime service, which in turn drives customers to spend more on Amazon. The cloud unit, Amazon Web Services, is the company's fastest-growing business and is regarded by analysts as the next driver of growth for the company.
(Reuters) - CBS Corp , owner of the most-watched U.S. television network, on Thursday posted a 27.4 percent rise in quarterly profit that beat expectations as licensing revenue from its new "Star Trek" series offset slower advertising sales. Shares of the media company were nearly flat at $54.20 in extended trading. The company, which owns cable channel Showtime, radio stations and publishing house Simon & Schuster, said net income rose to $423 million, or 93 cents per share, in the second quarter ended June 30 from $332 million, or 67 cents per share, a year earlier.