Charter Communications, owner of the Spectrum cable TV service, released Q3 earnings on Friday that beat analyst’s expectations on earnings per share. But, its revenue fell short of expectations. As a result, Charter joined the group of media companies that saw their stocks sag on Wall Street.
The firm reported earnings per share of $2.11.
Analysts polled by Investing.com and Zacks each anticipated Charter’s EPS to come in at $1.09, on revenue of $10.96 billion.
So, what was the revenue Charter reported?
Total revenue rose 4.1% to $10.89 billion, from $10.46 billion.
The revenue miss overshadowed a rise in internet subscribers seen in Q3, with Charter adding 266,000 residential customers, above the consensus estimate of 234,000.
On volume of 4.5 million shares (normal trading volume for Charter is 1.5 million), CHTR shares slid 6.3% to $295.01 on Friday. In early after-hours trading, the bleeding continued with a further four-cent decline to $294.97.
On January 29, Charter shares peaked at $387.50. A low of $261.87 was seen on May 28.