February 14, 2013 at 20:34 PM EST
CBS' Moonves Talks 'Transformation' With Digital and Ad Growth
CBS CEO Les Moonves says "We are transforming into a different company, poised to grow in any economy," as the company's earnings set a number of records. The company is moving from generating as much as 70 percent of its revenue from ads just a few years ago, to just over fifty percent of its revenue from ads. But the stock moved lower as fourth quarter results fell short of expectations: adjusted earnings of 64 cents per share were up from 57 cents a year ago, but four pennies lighter than expected.
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