NEW YORK - Shares for Playboy Enterprises Inc. were up 60 cents on Tuesday, as the company posted rising quarterly results. The company has pointed to the positive performance of its U.S. television business, as well as gains in its licensing sales, as the reason for its gains.
According to a Reuters report, analysts were largely predicting that Playboy stocks would break-even on earnings, and with sagging circulation and advertising for the company's flagship magazine, it appeared as though the predictions would be correct.
U.S. TV revenue — one of the Playboy's largest businesses — jumped 4 percent and International TV revenue rose 16 percent and licensing sales grew 36 percent.
"This quarter's results underscore our confidence that our domestic TV business has now stabilized," Playboy Chief Executive Christie Hefner said in a statement. "We expect that the domestic TV business will remain stable while international TV and online will show year-over-year revenue growth."
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