Nine shares are tanking after a poor return from cricket broadcasts

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Shares in Nine Entertainment fell hard after the free-to-air television network announced an 11% fall in quarterly television revenue.

A short time ago, the shares were down more than 23% to $1.16.

In a third quarter update, Nine says the advertising market were subdued and its ratings softer than anticipated.

The performance of Nine’s Summer of Cricket was affected by bad weather with about 30% of scheduled play days lost.

The result was also hit by the timing of an earlier Easter this year and the absence of a Cricket World Cup event.

Nine says the free-to-air advertising market is now expected to record a low single digit decline in the full year compared to previous guidance of “flat to down marginally”.

The company’s profits have been sliding in a weak advertising market. It last year posted a 2.9% drop in full year profit to $140.09 million.

The company’s latest full year results will be released in August.