NEW YORK (TheStreet) -- Shares of Tenet Healthcare Corp (THC - Get Report)  are plummeting, down 7.09% to $52.70 in afternoon trading Tuesday, after the hospital company reported a drop in third quarter earnings to 9 cents per share, or $9 million, from $28 million one year ago.

Excluding asset-impairment costs and discontinued operations, Tenet Healthcare earned 36 cents per share, beating the consensus estimate of 10 cents per share.

Revenue rose 6% year over year to $4.18 billion, in-line with the consensus estimate.

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The company said it benefited from increased admissions under Obamacare and reduced spending on charity care for uninsured patients.

Separately, TheStreet Ratings team rates TENET HEALTHCARE CORP as a Hold with a ratings score of C.

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