CBS Interactive delivered a weak quarter, as the slumping ad market dragged down results.
Third quarter Interactive revenues decreased 15% to $121.3 million from $142.3 million. A steeper decline from last quarter when Interactive sales dropped 8% (including CNET).
Operating income, before depreciation and amortization (OBIDA) was up 11% to $4.1 million from $3.7 million, thanks to layoffs.
Going forward, CBS will fold its interactive results into its entertainment division, so we won’t be able to track how it is performing as easily.
Overall, CBS delivered solid results. EPS came in at $0.30 versus estimates of $0.22. Revenue came in at $3.35 billion, a touch off from the year prior, and beating Street estimates of $3.2 billion.
Just like Viacom, Time Warner, and News Corp., CBS results were driven by gains in its television division thanks to licence fees and affiliate revenue.