Cable One (CABO) reported Q1 earnings late Thursday of $0.46 per diluted share, down from $6.46 a year earlier.

Analysts polled by FactSet expected $8.61.

Revenue for the quarter that ended March 31 was $380.6 million, down from $404.3 million a year earlier.

Analysts surveyed by FactSet expected $386.4 million.

"After careful consideration and extensive review of its capital allocation strategy, the company has decided to suspend the quarterly cash dividend paid on common shares," it said in the earnings statement.

This represents about savings of $67 million annually and more than $200 million over the next three years that the company will use to repay debt, and use in organic growth initiatives.

Shares of the company traded nearly 13% lower in premarket activity Friday.