It’s no secret by now that online ad revenues weren’t spared from the overall advertising industry weakness experienced during Q2 ’09.
So most will likely not be too surprised to hear that CBS Interactive revenues decreased 8% during the quarter, pro forma for its acquisition of CNET. Despite attempts to manage costs during the quarter the Interactive segment also reported an operating loss of $14.1 million during the period.
Overall, an increasingly difficult ad environment for traditional radio and TV broadcasting caused the company to report consolidated earnings below Wall Street consensus estimates. Here is a breakdown of overall results:
- Revenue decreased 11% to $3.01 billion, essentially in-line with consensus estimates of $3.04 billion.
- Operating income before depreciation and amortization (OIBDA) decreased about 50% to $387.4 million, below consensus estimates of $407 million.
- EPS decreased 97% to $0.02, below consensus estimates of $0.07.
Still, investors don’t appear too concerned with the results. CBS shares are up about 6% in after-hours trading.
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