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MTV owner CBS misses quarterly revenue estimates

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By Reuters
MTV owner CBS misses quarterly revenue estimates
The CBS Television Center is seen in Los Angeles, California, U.S., August 7, 2019. REUTERS/Lucy Nicholson   -   Copyright  LUCY NICHOLSON(Reuters)

(Reuters) – CBS Corp <CBS.N> missed Wall Street estimates for quarterly revenue on Tuesday, sending its shares down nearly 2% in premarket trading.

The media company reported a net earnings of $319 million, or 85 cents per share, in the third quarter ended Sept. 30, down from $488 million or $1.29 per share, a year earlier.

The owner of popular television channels such as Nickelodeon and MTV posted a 1% rise in revenue to $3.30 billion, but missed analysts’ average estimate of $3.36 billion, according to IBES data from Refinitiv. [nPn71wrzRa]

(Reporting by Ambhini Aishwarya in Bengaluru; Editing by Sriraj Kalluvila)