Charter Shares Drop 9% After Finance Chief Warns on Broadband Softness
05 Dezembro 2023 - 3:40PM
Dow Jones News
By Will Feuer
Shares of Charter Communications slipped after Chief Financial
Officer Jessica Fischer warned the company's base of internet
subscribers could decline in the current quarter.
The stock fell about 9% to $363.48 on Tuesday. Shares are still
up more than 7% this year.
The warning also weighed on shares of rival Comcast, which
traded nearly 4% lower.
Fischer, speaking at the UBS Global Media and Communications
Conference, said that November was slow for new internet customer
sign-ups. She warned Charter could end the quarter with negative
internet net adds.
"But I want to be really clear that we think that that's sort of
its short-term challenges," she said, adding the performance would
be in line with the rest of the industry.
Cable companies have been struggling to gain new broadband
customers in part because of higher interest rates, which are
keeping more consumers locked into their current homes. Internet
providers often try to win over new customers when they move.
Rising competition from new wireless home internet services,
provided by Verizon, T-Mobile and others, is also denting
growth.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
December 05, 2023 13:25 ET (18:25 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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