MEXICO CITY Shares in Televisa, Mexico's largest broadcaster, seesawed Friday after the firm posted another quarter in the red and shed more customers than expected, losing as much as 5% in early trading before gaining back about 3%.

"The night is darkest before the dawn," analysts at Itau BBA said in a note, adding that despite weak results they considered the stock to be trading at an excessive discount.

Televisa shares were already down last week as traders anticipated troubled earnings.

To improve profits in its cable segment, the firm on Thursday announced a 12% staff cut effective from the fourth quarter this year.

Citing plans to slim spending and grow revenues in the mid-term, analysts at J.P. Morgan said the company would likely "revamp" the cable business with a focus on better video streaming offerings and growing user engagement and satisfaction.

"This should contribute to operating cash flow growing 10% per annum over the next three years," J.P Morgan analysts said.

Televisa's third quarter marked a return to loss-making after the firm made a narrow second-quarter comeback into profitability. The firm slashed spending targets this year as competition intensified and customers disconnected.

(Reporting by Sarah Morland; editing by Cassandra Garrison)