BY THE NUMBERS: CBS Corp.'s net income rose 8 percent in the second quarter, beating analysts' expectations as it booked profitable distributor fees and programming costs declined. But advertising revenue fell and it took in less money from the sale of program reruns.
AD SLOWDOWN: CBS's ad revenue fell 3 percent to $2.14 billion. It attributed the decline to timing issues such as the semifinals of the March Madness college basketball tournament occurring before the April-June quarter this time, instead of during it a year ago.
SHARES FLAT: The earnings beat was offset by concerns about a weak ad market in the current quarter, which the company said was due in part to the popularity of the London Olympics on rival NBC.