NEW YORK - Altice USA (NYSE:ATUS) shares plunged 6.6% after the broadband and video services provider reported disappointing third quarter results, with revenue declining and a surprise loss.
The company posted a loss of $0.09 per share for Q3, missing analyst estimates of $0.04 earnings per share. Revenue fell 3.9% year-over-year to $2.23 billion, slightly below the consensus forecast of $2.24 billion.
Altice USA's residential revenue dropped 5.6% compared to the prior year quarter, reflecting continued pressure on its core cable TV and broadband businesses. The company lost 50,000 broadband customers in Q3, worse than the 31,000 net losses in the same period last year.
"Over the last two years, we've made significant progress in strengthening our networks, stabilizing our operations, and setting a strong foundation for long-term growth," said Dennis Mathew, Altice USA Chairman and CEO. "These efforts have resulted in positive momentum across our fiber and mobile product lines in the third quarter."
Despite the challenges, Altice USA saw some bright spots, with mobile line net additions of 36,000 - its best performance in four years. The company also added 47,000 fiber customers, bringing its total fiber subscriber base to 482,000.
Adjusted EBITDA declined 5.8% year-over-year to $862 million in Q3. Altice USA maintained its full year 2024 capital expenditure guidance of $1.5 billion, down $200 million from 2023 levels.
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