Earnings

cuts full-year sales forecast; shares slide

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Altice USA missed expectations for third-quarter results on Tuesday due to weakness at its pay-TV division and the cable TV provider cut its full-year sales forecast, sending its shares down 10%.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: 12 cents, adjusted, vs. 15 cents expected
  • Revenue: $2.44 billion vs. $2.48 billion expected

Cable TV providers have been struggling as consumers continue to cancel their cable and satellite television subscriptions, also called “cord-cutting”, and increasingly shift to online video streaming such as Netflix and Amazon.com’s Prime Video.

The New York-based…



Source cnbc.com

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