Tenet reports lower-than-expected Q3 earnings

Tenet Healthcare's earnings for the third quarter were lower than anticipated, as the Dallas-based hospital operator saw expenses rise.

For the three-month period ended Sept. 30, Tenet posted revenue of $4.8 billion, up 3.3 percent from revenue of $4.7 billion in the same period of the year prior.

The revenue boost was fueled by an increase in patient volume. Tenet said patient admissions adjusted for outpatient activity were up 1.4 percent in the third quarter of this year, as compared to the same period of 2015.

Tenet's expenses also increased in the third quarter. The company said expenses grew 2.5 percent year over year to $2.3 billion in the third quarter of 2016.

Tenet ended the third quarter with a net loss of $9 million, an improvement from the $28 million net loss the company recorded in the same period of 2015.

On an adjusted basis, Tenet earned 16 cents per share. That fell below analyst's estimates of 19 cents per share, according to Reuters.

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