(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)