Charter Communications shares plummeted more than 20% in early trading Friday after the company delivered first-quarter results that disappointed Wall Street.
Earnings per share of $9.17 on a diluted basis fell well short of analysts’ consensus estimate of $10.63. Total revenue dipped 1% to $13.6 billion, hitting the Street’s target.
Charter lost 120,000 broadband customers during the quarter, more than twice the decline of 59,000 in the year-earlier period. The downturn was bigger than the 100,000 losses projected by analysts.
Shares in Charter had fallen 21% to around $190 an hour into Friday’s trading session. They are
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