Televisa’s bruised shares oscillate following a negative third quarter

The largest broadcaster in Mexico, Televisa, saw its shares swing wildly on Friday following the company’s unfavorable results for the third quarter and the unexpected loss of more subscribers. The stock dropped as much as 5% in early trade before rising roughly 3%.

Due to markets’ anticipation of unsatisfactory earnings, Televisa shares had already dropped last week.

The company on Thursday announced a 12% personnel reduction, effective from the fourth quarter of this year, in an effort to boost profits in its cable division.

Analysts at J.P. Morgan stated that the corporation would probably «revamp» the cable business with an emphasis on better video streaming options and increasing user engagement and satisfaction, citing ambitions to reduce spending and grow revenues in the mid-term.

Televisa returned to losing money in the third quarter following a tiny recovery into profitability in the second quarter. This year, the company cut spending plans due to increased competition and disengaged clients.