Updated from 12:14 p.m. EDT to correct quote attribution

NEW YORK (

TheStreet

) -- Shares of

Cablevision

(CVC)

were plunging on Friday after the cable company's profit fell 65% to $39.6 million in the third quarter.

The Bethpage, N.Y.-based company was trading at $14.60, down $2.52 or 14.7% after the company reported a profit of 14 cents a share on revenue of $1.67 billion -- profit was down from 38 cents a year earlier, but revenue ticked slightly higher from $1.54 billion third-quarter 2010.

Cablevision missed consensus expectations as polled by

Thomson Reuters

, which called for 34 cents a share on revenue of $1.69 billion.

"Cablevision achieved revenue growth driven primarily by the addition of the Bresnan properties," CEO James Dolan said in a statement. "As we are operating in a challenging environment, we are continuing our efforts to capitalize on the strength of our network and products and on building our business for the long term."

The company reported positive growth in its Internet subscribers and the number of people on its land-line business, which added 16,900 and 38,200 members, respectively. Revenue for telecommunications rose 9% alone.

But the Internet and phone growth wasn't enough for investors to overlook Cablevision's poor growth in television service.

"You have a situation currently where you have pretty slow housing growth, virtually no housing growth, and actual reduction in household formation," Tom Rutledge, Cablevision's chief operating officer, said on a conference call.

-- Written by Joe Deaux in New York.

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