{"id":77242,"date":"2023-10-26T19:51:49","date_gmt":"2023-10-26T23:51:49","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/mexicos-televisa-swings-to-net-loss-in-third-quarter\/"},"modified":"2023-10-26T19:51:53","modified_gmt":"2023-10-26T23:51:53","slug":"mexicos-televisa-swings-to-net-loss-in-third-quarter","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77242","title":{"rendered":"Mexico’s Televisa swings to net loss in third quarter"},"content":{"rendered":"
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\u00a9 Reuters. The logo of broadcaster Televisa is seen outside its headquarters in Mexico City, Mexico, December 14, 2022. REUTERS\/Raquel Cunha\/File photo<\/span>
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By Cassandra Garrison and Brendan O’Boyle<\/p>\n

MEXICO CITY (Reuters) -Mexico’s largest broadcaster Televisa on Thursday posted a 4.9% dip in third-quarter revenues that swung its earnings into a net loss driven down by SKY, its satellite television unit.<\/p>\n

Televisa, whose share price suffered last week as traders predicted more troubles for its cable and satellite units, reported a net loss of 918.5 million pesos ($52.7 million), compared to a profit of 1.12 billion pesos a year earlier. <\/p>\n

Its revenues slipped to 18.32 billion pesos, falling short of an average forecast of 18.36 billion pesos, according to four analysts polled by LSEG. Operating profits were dragged down 8.8%.<\/p>\n

SKY saw about 232,000 disconnections with a 13.8% dip in revenue. Televisa’s cable segment saw 737,000 disconnections between broadband and video subscribers and a revenue drop of 2.0%. <\/p>\n

“We implemented a staff reduction plan with savings of around 12% of our payroll starting in the fourth quarter of 2023,” the firm said in its filing with the Mexican stock exchange. <\/p>\n

J.P. Morgan called the company’s results “very weak” for the quarter. <\/p>\n

“Corporate expenses weighed on results, hurt by severance costs in cable,” the bank said in an analyst note. <\/p>\n

Televisa began posting hefty losses late last year but made a narrow comeback into profitability in the second quarter, though the steep slide still caused it to slash this year’s spending forecasts to $620 million. <\/p>\n

Televisa’s participation in net profits from joint ventures increased 2.3% to 588.8 million pesos, driven by higher net income in the quarter from TelevisaUnivision, which launched the streaming service ViX+ aimed to compete with established rivals Netflix (NASDAQ:) and Amazon (NASDAQ:)’s Prime Video.<\/p>\n

The company said in July it hoped to turn ViX+ profitable by the second half of 2024.<\/p>\n

($1 = 17.4279 pesos at end-September)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. The logo of broadcaster Televisa is seen outside its headquarters in Mexico City, Mexico, December 14, 2022. REUTERS\/Raquel Cunha\/File photo By Cassandra Garrison and Brendan O’Boyle MEXICO CITY (Reuters) -Mexico’s largest broadcaster Televisa on Thursday posted a 4.9% dip in third-quarter revenues that swung its earnings into a net loss driven down by […]<\/p>\n","protected":false},"author":1,"featured_media":2953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-77242","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nMexico's Televisa swings to net loss in third quarter | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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