Charter Communications stock was down on Friday following the release of its earnings report for the third quarter of 2018.
Revenue reported by Charter Communications (NASDAQ:CHTR) for the third quarter of the year was $10.89 billion. This is an increase over its revenue of $10.46 billion that was reported in the third quarter of 2017. However, it was bad news for Charter Communications stock by missing Wall Street’s revenue estimate of $10.94 billion for the period.
Earnings per share reported by Charter Communications for the third quarter of 2018 came in at $2.11. This is a major jump over the company’s earnings per share of 19 cents from the same time last year. It also easily beat out analysts’ earnings per share estimate of $1.04 for the quarter, but couldn’t save Charter Communications stock from falling.
Charter Communications also reported net income of $493 million for the third quarter of the year. This is better than the telecommunications company’s net income of $48 million that was reported in the third quarter of the previous year.
Charter Communications notes that its net income for the third quarter of 2018 was much higher for a few reasons. Chief among them is a a pension remeasurement gain that took place during the quarter. CHTR also says that it did see higher Adjusted EBITDA growth for the quarter, as well as lower depreciation and amortization expenses.
CHTR stock was down 6% as of noon Friday and is also down 9% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.