NEW YORK (TheStreet) -- CBS Corp. (CBS) - Get Report stock is declining 1.84% to $47.35 in after-hours trading on Tuesday after the media company reported lower than expected revenue for the third quarter of 2015. Earnings surpassed estimates.

Revenue fell year-over-year to $3.26 billion for the quarter ended September 30, while analysts surveyed by Thomson Reuters estimated revenue of $3.27 billion.

The drop in revenue was attributed to the timing of some licensing sales, and a decline in sports contracts and pay-per-view revenue.

CBS reported earnings of 88 cents per share for the latest quarter, beating estimates by 7 cents.

"I'm particularly pleased with the gains we're seeing in network advertising, including underlying ad growth in the third quarter and even better pricing here in the fourth," CEO Leslie Moonves said in a statement.

Advertising revenue was up 1% year-over-year, even though the network broadcasted fewer sporting events during the quarter.

Separately, TheStreet Ratings team rates CBS CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

We rate CBS CORP (CBS) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, unimpressive growth in net income and feeble growth in the company's earnings per share.

You can view the full analysis from the report here: CBS

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