CBS misses quarterly revenue estimates

(Reuters) – CBS Corp (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.

CBS 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.

(This story corrects headline and paragraph 3 to remove reference to MTV).

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