Charter Shares Plunge 10% as Broadband Losses Deepen, Revenue Slides Again
CHTR is trading near its 52-week low of $123.16 (8.9% below the low) on elevated volume (1.9× avg).
Summary
Charter's Q2 revenue fell 1.7% to $13.53B, missing the $13.51B consensus, while internet subscribers dropped by 172,000 — the fourth straight quarterly decline. The company also cut its core profit forecast as broadband customer losses ballooned. The stock tumbled nearly 10% premarket, adding to a brutal year that has shares near a 52-week low. CEO Chris Winfrey pointed to the pending $21.9B Cox acquisition, expected to close mid-to-late August, as a catalyst to reverse subscriber losses. Mobile remained a bright spot with 406,000 line additions, but it wasn't enough to offset accelerating broadband erosion. This follows the 8-K filed earlier today and a Reuters report on the miss; the fresh 10% selloff signals the market is losing patience with the turnaround narrative.
At the time of this announcement, CHTR was trading at $112.23 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $17.5B. The 52-week trading range was $123.16 to $402.15. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.