Cable One (NYSE: CABO) shares plummeted 29.19% in pre-market trading on Friday following a series of negative developments that have shaken investor confidence in the telecommunications company.

The sharp decline comes after Cable One reported disappointing first-quarter 2025 results late Thursday. The company's earnings per share (EPS) came in at a mere $0.46, falling drastically short of the analyst consensus estimate of $8.41. This represents a staggering 94.3% miss compared to expectations and a significant decline from the $8.11 EPS reported in the same quarter last year. Revenue also disappointed, coming in at $380.6 million, down 5.9% year-over-year and below the expected $386.9 million.

Adding to investor concerns, Cable One announced the suspension of its quarterly cash dividend. The company stated that this decision would free up approximately $67 million annually, which it plans to redirect towards accelerated debt repayment, refinancing support, and ongoing investment in organic growth initiatives. While this may strengthen the company's financial position in the long term, the immediate loss of dividend income has clearly unsettled shareholders.

Following these announcements, several analysts downgraded Cable One stock. KeyBanc lowered its rating from Overweight to Sector Weight, removing its previous $650 price target. Raymond James also downgraded the stock to Market Perform from Outperform. These downgrades reflect growing concerns about Cable One's near-term prospects and its ability to navigate the challenging telecommunications landscape.

As Cable One grapples with declining residential data subscribers and revenue, investors will be closely watching the company's efforts to implement its new growth strategies and improve its financial performance in the coming quarters.