By Katherine Hamilton
Cable One shares fell after the company said first-quarter earnings plummeted by 93% and revenue declined due to fewer subscribers.
The stock sank 36% to $168.01 on Friday, at one point touching a 52-week low of $162.49. Shares have lost 53% of their value this year.
The broadband communications provider posted a profit of $2.6 million, or 46 cents a share, in the quarter ended March 31, compared with $37.4 million, or $6.46 a share, the year before.
Revenue fell 6% to $380.6 million. About $9.6 million of the decrease was due to a decline in residential video revenues as the company is navigating the final phases of its video product lifecycle, it said.
Residential data revenue decreased 4.5% from the prior year because of a drop in subscribers and average revenue per unit. Cable One implemented targeted pricing and product offerings in certain markets, which it said was the primary driver of the decline.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
May 02, 2025 10:18 ET (14:18 GMT)
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