Shares of the media company slipped 0.02 percent to $54.20 in extended trading, after closing at $54.21 on the New York Stock Exchange.
The company, which owns cable channel Showtime, radio stations and publishing house Simon & Schuster, said net income rose to $423 million, or 93 cents per share, in the second quarter ended June 30 from $332 million, or 67 cents per share, a year earlier.Analysts on average had expected 86 cents, according to Thomson Reuters I/B/E/S.Advertising revenue dropped 2.6 percent to $1.55 billion, partly because of a year-ago surge from the National Collegiate Athletic Association basketball finals broadcast, the company said in a statement. Advertising contributes almost half of CBS's total revenue.CBS will benefit later this year from double-digit ad price increases that were locked in during the advance selling season for fall TV shows, as well as strong demand for political ads during the U.S. presidential election campaign, Chief Executive Leslie Moonves told analysts on a conference call after the company released earnings.CBS has focused on boosting revenue from online subscription streaming services such as Netflix Inc