Corus Entertainment Inc. says its third-quarter revenue was down from the same time last year, a nasty surprise for analysts who had predicted an increase.
The Toronto-based media company reported it had $204 million of revenue in the three months ended May 31.
That was down 4% from $211.8 million in the third quarter of fiscal 2011 and $17 million below a consensus estimate compiled by Thomson Reuters.
On a more positive note, Corus had a higher profit in line with estimates.
The radio, television and animation company had $42.2 million, or 52 cents per share.
That compared with $40.3 million or 49 cents a year earlier, excluding discontinued operations.
