The stock price is down more than 11% in pre-market trading and it’s easy to see why. The cable company reported a net loss of $16.4M, down from a $57.1M profit in the same period last year, on revenues of $1.52B, -7.5%. The Street thought that revenues would hit $1.64B. And analysts anticipated a 5 cent a share profit, not a 6 cent loss. This morning’s release is short on details but notes that Cablevision lost about 5,000 video customers, ending the quarter with 2.89M. Video revenues fell 4.2% to $767M. The number of broadband and phone customers each increased by 23,000 respectively to 2.79M and 2.29M. Revenues for data were +8.9% to $330M and phone was +2% to $209M. Cablevision says that Hurricane Sandy was largely to blame for the soft results. “In the second quarter we anticipate the positive impact of our recent pricing moves as well as an improved advertising outlook to lead to sequential improvement in our” adjusted operating cash flow, CEO James Dolan says.
Cablevision Shares Slammed As Q1 Results Fall Short Of Expectations
What's Hot on Deadline
'Parks & Rec' Mike Schur Says "Everybody Knew About Kevin Spacey"; 'Leftovers' Damon Lindelof Regrets Theroux Jokes
'Justice League' Encounters Kryptonite At The B.O. With $96M Opening: Why The DC Movie Weakened - Sunday AM Update
'Justice League' Lassos $185.5M Overseas, $281.5M WW; 'Thor' Rocks To $738M Global - International Box Office
Ryan Eggold, Who Played Fan Favorite Tom Keen In 'The Blacklist,' Joins Spike Lee's 'Black Klansman'
Latest Business News
- Weinstein Co. Bidder Emerges, Promises Majority Female Leadership
- Ava DuVernay & Ryan Coogler Celebrate People Of Color In Film: “A Hero Doesn’t Have To Be Defined So Narrowly”…
- Earle Hyman Dies: Veteran Broadway Actor, Cosby TV Dad Was 91
- President Donald Trump On LaVar Ball Diss: “I Should Have Left Them In Jail!”
- Mel Tillis Dies: The Country Music Hall Of Famer And Actor Was 85
- NFL Anthem Protests Week 11 – Kneeling Continues After Veteran’s Day Respite