Altice USA reported lower profits as it lost subscribers and continued to spend on its fiber rollout.
Net income fell to $85 million or 19 cents a share, from $266.9 million or 58 cents a share, a year ago.
Revenue fell 7% to $2.39 billion.
Altice finished the quarter with 4.51 million residential relationships, down from 4.56 million in the second quarter and 4.65 million a year ago. Residential broadband customers were down 43,000 in the quarter and the company lost 82,000 video customers.
Residential revenue fell 4.4%.
Business services revenue was down 16.8% (or up 0.1% excluding air strand). News and advertising revenue was down 16.1%.
The company reiterated that it would be spending between $1.7 billion and $1.8 billion in capital expenses during the 2022 fiscal year.
“In the third quarter, we made significant progress in delivering against our Optimum Fiber broadband strategy. We saw a further acceleration in our fiber network deployment, achieving our highest ever level of incremental fiber passings and now reaching 1.9 million total fiber passings,” executive chairman Dexter Goei said. “While we are operating in a very competitive environment and are starting to see some macroeconomic pressures across our business, we are confident that we have the right strategy to return to sustainable growth. We are very pleased to welcome Dennis Mathew as our new CEO and have the utmost confidence in him to build on our current momentum and deliver on our growth plan.” ■
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.