Stock Track | Cable One Shares Plunge on Disappointing Q2 2024 Earnings

Stock Track08-02

Cable One Inc (NYSE: CABO), a leading cable operator in the United States, saw its shares plummet by 5.71% during intraday trading on Wednesday, following the release of its second quarter 2024 earnings report.

The company reported a 7% year-over-year decline in revenue to $394.5 million, missing analysts' expectations. Net income also fell by 14% to $47.6 million, while earnings per share (EPS) dropped from $9.76 in Q2 2023 to $8.48 in Q2 2024.

Despite maintaining a profit margin of 12%, in line with the same period last year, Cable One's financial performance was overshadowed by concerns over its future growth prospects. The company's revenue is expected to decline by 2.3% annually on average over the next three years, contrasting with the projected 3.3% growth in the US media industry.

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