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CBS shares edge lower although fourth-quarter earnings beat expectations

The NYSE-listed firm reported fourth-quarter adjusted earnings of US$1.20 a share, above forecasts for US$1.14

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CBS's revenue rose to US$3.92bln, up from US$3.52bln the previous year, and above estimates of US$3.54bln

CBS Corp. (NYSE:CBS) saw its stock fall back in early trading on Friday, having risen after-hours on Thursday when the media company saw its quarterly adjusted earnings surpass expectations.

The NYSE-listed firm reported fourth-quarter adjusted earnings of US$1.20 a share, above forecasts for US$1.14, as revenue rose to US$3.92bln, up from US$3.52bln the previous year, and above estimates of US$3.54bln.

The group, which is exploring a potential merger with Viacom Inc. (NASDAQ:VIAB), said net income from continuing operations fell to US$40mln, or 10 US cents a share, down from US$271mln, or 63 US cents a share earlier, after including a US$129mln charge related to US tax reform.

The group behind the CBS broadcast network and the Showtime pay-cable network said the jump in revenue came thanks to increases in the fees it takes in from distribution of its content and new subscriptions at its recently-launched streaming services.

CBS's Class B stock was down 0.5% at US$56.49 in early New York trading, having gained 2% after-hours.

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