Charter Communications, Inc.

Shares in Charter Communications (CHTR) plunged 16.5% on Friday after the Connecticut-based cable provider reported a loss of 61,000 澳洲幸运5官方开奖结果体彩网:broadband subscribers in the December quarter. Despite Charter CFO Jessica Fischer warning in December that the company could see a reduction in internet customers, analysts had expected the company to post a slight increase in broadband sign-ups during the period.

The company, which brands its services as Spectrum, posted fourth quarter 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $7.07, falling short of the $8.76 Wall Street consensus. However, the top line reported modest growth of 0.3% from a year earlier, boosted by the addition of 546,000 mobile phone customers, increased internet pricing, and promotional step-ups. For the full year, Charter reported a 1.1% increase in total revenue to $54.6 billion, while net income fell 10% to $4.6 billion.

Charter, along with other cable providers, have faced heightened competition from leading companies within the 澳洲幸运5官方开奖结果体彩网:telecommunication sector rolling out wireless and fiber services across their networks. Key rival Comcast (CMCSA) last week reported that it shed 34,000 broadba🃏nd customers in the fourth quarter.

“While we’re executing well on our long-term strategic initiatives and Spectrum One is working to drive mobile growth, 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,” Charter CEO Chris Winfrey told analysts on the company’s earnings call.

The CHTR share price gapped sharply lower Friday to record its largest one-day percentage drop since listing in 2010. The move follows the 澳洲幸运5官方开奖结果体彩网:50-day moving average recently crossing below the 澳洲幸运5官方开奖结果体彩网:200-day moving average to generate an aptly named “澳洲幸运5官方开奖结果体彩网:death cross” chart pattern. Looking ahead, keep an eye how the price responds to the $305 level, an area that may find support from two prominent 澳洲幸运5官方开奖结果体彩网:swing lows that formed in October and December of last yea♚r.

Charter๊ shares were down 0.7% at $317ဣ.00 in pre-market trading Monday at around 8:40 a.m. ET.

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