Charter Communications Inc (NASDAQ:CHTR) stock was hit hard on Friday following the release of its earnings report for the first quarter of 2018.
Charter Communications Inc’s earnings report for the first quarter of the year includes information on subscribers. One key part of its report that is dragging down CHTR stock today is its loss of video subscribers during the quarter. The company notes that it lost a total of 122,000 residential video subscribers during the quarter.
Other subscriber data from Charter Communications Inc shows that 52,000 residential voice subscribers also cut the service during the first quarter of 2018. The only area to see a gain for the quarter was internet, which added 331,000 subscribers.
The results fort he first quarter of 2018 saw Charter Communications Inc grow its overall subscriber base by 157,000. While this is an increase, it is far from the 365,000 subscribers added in the first quarter of the previous year.
The loss of subscribers in the first quarter of the year mars the company’s otherwise positive earnings report for the period. Charter Communications Inc reported earnings per share of 70 cents during the quarter. This is up from 57 cents the same time last year. It also beat out Wall Street’s earnings per share estimate of 55 cents for the quarter.
Revenue reported by Charter Communications Inc for the first quarter of 2018 came in at $10.66 billion. This is an increase over the company’s revenue of $10.16 billion that was reported in the first quarter of 2017. It also just comes in above analysts’ revenue estimate of $10.62 billion for the period.
CHTR stock was down 14% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.