Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Charter Communications Analysts Cut Their Forecasts After Weak Earnings

Published 29/04/2024, 14:25
© Reuters.  Charter Communications Analysts Cut Their Forecasts After Weak Earnings
CHTR
-

Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Charter Communications Inc (NASDAQ:CHTR) reported worse-than-expected first-quarter results on Friday.

Charter Communications reported fiscal first-quarter 2024 revenue growth of 0.2% year-on-year to $13.68 billion, missing the consensus of $13.74 billion. EPS of $7.55 missed the consensus of $7.92. The stock price dropped after the results, according to data from Benzinga Pro.

Charter lost 72,000 residential Internet customers, compared to 67,000 additions last year. Residential video customers decreased by 392,000 versus a decrease of 237,000 in the prior year.

As of March 31, 2024, Charter served 30.5 million residential and SMB Internet customers.

“Our differentiated converged connectivity products provide us with significant competitive advantages that position Charter for sustainable customer and financial growth,” said Chris Winfrey, President and CEO of Charter.

Charter Communications shares fell 1.7% to close at $254.61 on Friday.

These analysts made changes to their price targets on Charter Communications following earnings announcement.

  • B of A Securities cut the price target on Charter Communications from $315 to $300. B of A Securities analyst Jessica Ehrlich maintained a Neutral rating.
  • Rosenblatt slashed the price target on Charter Communications from $297 to $292. Rosenblatt analyst Barton Crockett maintained a Neutral rating.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.