CBS Corp. and Entravision Communications are releasing their third-quarter results after Thursday’s Closing Bell on Wall Street, and if investor activity during the day is any indication of how these broadcast media companies’ report cards will play out, it could be a sour afternoon for these two companies.
CBS stock finished down 2.7%, to $54.65, on high volume of 12.6 million shares. Normal volume for the company is 3.3 million shares. CBS’s 1-year consensus target estimate is $73.60.
At 4:20pm, the basics of CBS’s Q3 arrived: Total revenues grew to $3.17 billion, from $3.08 billion, as net earnings came in at $592 million ($1.46), compared to $478 million ($1.08) in Q3 2016. But, Diluted EPS from continuing operations for Q3 decreased 1% to $1.03, from $1.04.
“During the quarter we saw dramatic growth in our affiliate and subscription fees, including revenue from traditional and skinny bundles as well as over-the-top viewing,” said CBS Corp. Chairman/CEO Les Moonves. “Our solid third-quarter results demonstrate the way we are shifting our business to capitalize on changing viewing habits.”
Meanwhile, EVC shares were off 2.9%, to $5.10 but were already up 5 cents in after-hours trading on Thursday.
RBR+TVBR will offer readers details of each company’s quarterly results on Friday.
Pandora shares improved by 5 cents to $7.45, ahead of just-released Q3 results that show the streaming audio company’s total revenue increased to $378.6 million, from $351.9 million. But, Pandora’s steep net loss widened to $84.6 million (34 cents), from $61.5 million (27 cents).
Meanwhile, Cumulus Media stock retreated again, finishing at 35 cents.
Urban One saw a 12% jump on higher revenue in Q3, a sign the company’s losses are stabilizing. Urban One shares closed at $1.68.
For Viacom the struggles to overcome a five-year low continue, with the company’s Class B shares sliding 5.6%, to $23.40.
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