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Charter Stock Plunge Worsens By End Of Trading Day After Quarterly Earnings Miss, Surprising Broadband Losses – Update
Shares in Charter Communications dropped 13% Friday morning after the company reported disappointing fourth-quarter earnings and a surprising loss of broadband subscribers. Charter said it lost 61,…
Charter said it lost 61,000 internet customers in the quarter ending December 31, compared with Wall Street analysts’ expectation for a slight gain. “Internet growth in our existing footprint has been challenging, driven by admittedly more persistent competition from fixed wireless and similar levels of wireline overbuild activity,” CEO Chris Winfrey said during a conference call with analysts. Strategically, Winfrey said it also fits with the company’s plans to “modernize” its distribution agreements in the vein of its Disney carriage deal, preventing “customers from paying twice” for video in pay-TV and streaming.
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