Charter Communications stock was dropping on Friday after the cable operator said more subscribers exited their contracts last quarter, piling on the misery to close out a miserable week for the industry.
Shares of Charter fell 4.1% to $121.36 in early trading. The benchmark S&P 500 was flat.
The selloff came after Charter reported second-quarter adjusted earnings of $10.66 a share, as revenue fell 1.7% from a year ago to $13.5 billion. Analysts were expecting earnings of $9.98 a share on revenue of $13.5 billion, according to a FactSet poll.
The big worry for investors was that Charter lost more subscribers over the quarter, at a time when wireless carriers' bundled offers are luring away customers from its core businesses.
Charter's Spectrum Internet brand lost 172,000 subscribers over the period, while video customer numbers decreased by 21,000. Charter's Spectrum Mobile business added 406,000 customers, though.
The earnings come at the end of a rough week for the cable industry. Comcast said on Thursday that it had lost 167,000 broadband subscribers over the second quarter, overshadowing an earnings beat.
Comcast shares climbed 1.6% on Friday, having dropped 6.8% the previous session.
Write to George Glover at george.glover@dowjones.com
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July 24, 2026 12:10 ET (16:10 GMT)
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