Why Charter Communications Stock Sank Today
Charter Communications (NASDAQ: CHTR) didn't end the stock trading week on a high note. The cable and telecom company published its latest quarterly earnings report Friday morning, and investors reacted with distaste. They traded Charter's shares down by almost 2% on the day, contrasting unfavorably to the S&P 500 index's 1% increase.
In its first quarter, Charter's revenue came in at $13.7 billion, which was basically flat over the same period of 2023. Net income based on generally accepted accounting principles (GAAP) saw better improvement, rising by 8% year over year to $1.1 billion, equating to $7.55 per diluted share.
Neither metric met the average analyst estimate. Collectively, prognosticators tracking the company were modeling $13.75 billion on the top line and $7.86 for per-share net income.
Source Fool.com
