Shares of broadband communications provider Altice USA (NYSE:ATUS) are plummeting today after a big third-quarter miss and concerns over a loss in subscriber numbers.
ATUS’ revenue dropped 7% year-over-year to $2.39 billion, missing estimates by $60 million. EPS at $0.19 too missed the cut by a wide margin of $0.16.
While residential revenue dropped by 4.4%, Business services revenue dropped by 16.8%. Further, News and advertising revenue dropped by 16.1% during this period.
The company reached 1.9 million fiber passings and 135,000 fiber customers during the quarter.
Importantly, total residential broadband net losses came in at 43,000 while the number of residential video losses came in at 82,000.
In response, Atlantic Equities’ Hamilton Faber has slashed the price target on the stock to $7 from $10 while reiterating a Hold rating.
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