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…