Stock Track | Charter Plummets 5.24% Intraday on Q1 Earnings Miss and Broadband Subscriber Losses

Stock Track04-24 21:35

Charter Communications' stock plummeted 5.24% during intraday trading on Friday, following the release of its first-quarter financial results.

The decline was driven by the company reporting earnings of $9.17 per share, which missed analyst estimates that ranged from $9.98 to $10.20. Furthermore, Charter lost 120,000 broadband subscribers during the quarter, a figure that exceeded the estimated loss of approximately 100,000 customers.

Competitive pressures from telecom rivals offering aggressive fixed-wireless home internet promotions were cited as a key factor eroding Charter's traditional cable internet customer base. The company also reported a 1% year-over-year decline in revenue to $13.6 billion and a 4.4% drop in net income to $1.16 billion.

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