Charter Q1: 72,000 Broadband Losses, Stock Down 8%, Misses Financial Estimates

Charter Communications reported a challenging first quarter for 2024 with significant subscriber losses and a stock price decline. The company lost 72,000 residential broadband subscribers, contributing to a new 52-week low for its stock, which is now down 46% from six months ago and opened down 8%. Despite these challenges, Charter's Q1 financials included an adjusted EPS of $7.55, slightly below the estimated $7.78, and revenue of $13.68 billion, marginally missing the forecast of $13.74 billion. The company's adjusted EBITDA stood at $5.5 billion, slightly above expectations, and it spent $2.8 billion on capital expenditures, against an estimate of $2.89 billion. Additionally, Charter announced $567 million in buybacks for the quarter and forecasts FY CAPEX to be between $12.2B and $12.4B. The stock was down 2.7% after the broadband subscriber miss.