Charter Communications Stock Drops After Reporting Loss of Internet Customers

By Will Feuer

Shares of Charter Communications fell after the cable company reported a drop in quarterly earnings and said it leaked internet customers in the last three months of the year.

The stock fell more than 8% to $351 in premarket trading. Through Thursday's close, shares were down about 5.9% over the past 12 months.

Charter said it lost 61,000 internet customers in the fourth quarter, with nearly all of the decline from residential customers. Analysts expected the company to add 6,000 internet customers.

Chief Financial Officer Jessica Fischer had warned in December that the company could lose internet customers in the quarter. At the time, speaking at an analyst conference, she said the company was facing short-term challenges and that results would be inline with the rest of the industry.

Last week, Charter rival Comcast reported a loss of 34,000 U.S. broadband customers in the fourth quarter.

Charter on Friday also reported fourth-quarter earnings of $7.69 a share, below the $8.76 a share expected by analysts surveyed by FactSet.

Write to Will Feuer at [e-mail]

(END) Dow Jones Newswires

02-02-24 0811ET