Shares of

Univision

(UVN)

fell in Friday's premarket session after the Spanish-language broadcaster reported a strong third quarter but guided the rest of the year lower.

The Los Angeles company said third-quarter earnings rose 74% from a year ago to $73.4 million, or 21 cents a share, beating estimates by a penny a share. Revenue rose 49% from a year ago to $477.4 million, also higher than Wall Street was forecasting.

For the fourth quarter, Univision put pro forma earnings at 18 cents to 20 cents a share, about 3 cents short of estimates, on revenue growth in a low- to midsingle-digit percentage. The outlook sent the stock down $2.80, or 8.5%, to $30 in premarket Instinet trading.

The shares were cut to sector perform from outperform Friday morning by CIBC, which dropped its price target to $32 from $38. The brokerage cited weakness in the company's television operation and decried a series of surprises that have penalized investors this year.