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Earnings: CBS Net Income Plunges 96 Percent; Interactive Rev Down 8 Percent

CBS Corp. (NYSE: CBS) had a particularly painful Q2, even by the standards of other broadcasters. The company’s profits plummeted 96.2 percent to $15.4 million ($.02 per diluted share) from $408.4 million ($.61 per diluted share). Not that Q208 was a great quarter; the difference is reflected in the boost that was provided by the pre-tax gain of $127.2 million on the sale of CBS’ investment in Sundance Channel. Revenues dropped 11.2 percent to $3.01 billion from Q208’s $3.39 billion, ad sales continued to shrink.

Things were a lot better on the digital end, as interactive revenues for the segment more than tripled to $126.4 million from $40.2 million the year before.

2Q 2009 2Q 2008 Analysts Estimates For 2009
EPS $0.02 $0.61 NA
Net Income $15.4M $408.4M NA
Revenue $3.01B $3.39B NA

Earnings release | Webcast

Better than Q1: Leslie Moonves, CBS’ President and CEO, tried to put the best face on the company’s Q2. After all, it’s certainly better Q109, when the company swung to a $55 million loss. “We continue to believe that the back half of the year will be considerably stronger than the first,” he said in a statement.

CBS Interactive revenue breakdown, from its 10Q just filed:

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