1st-Quarter Profits Down Sharply From Last Year, CBS Says
NEW YORK — CBS Inc. said today that its first-quarter profit skidded from a year earlier, when results were swelled by a huge gain on the $866.6-million sale of its records division to Sony, but said improvement at its television network helped boost income from continuing operations by 26%.
The broadcasting giant said its net income fell to $56.1 million, or $2.18 a share, in the three months ended March 31 from $911.3 million, or $35.34 a share, a year earlier.
First-quarter revenue rose 5% to $731.2 million from $696.6 million a year earlier.
CBS said its income from continuing operations rose to a record $56.3 million.
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