Charter Q1 Broadband Losses Top Estimates, Shares Fall 24%

Charter Communications, the parent company of Spectrum, reported steeper-than-expected broadband subscriber losses in the first quarter of 2026, sending its shares plunging nearly 24 percent on Friday and marking the company's worst trading day on record.

The Stamford, Connecticut-based cable and broadband provider disclosed the results on April 24, announcing a loss of 120,000 internet subscribers during the period ended March 31. That figure exceeded analyst projections of around 100,000 losses and doubled the 59,000 subscribers lost in the same quarter a year earlier. Charter ended the quarter with 29.5 million broadband customers, including residential and small business accounts. The company attributed the decline to intense competition from fiber providers like AT&T, fixed wireless home internet services, and households shifting to mobile-only connectivity, as well as emerging satellite broadband options in rural areas.

Financially, Charter posted adjusted earnings per share of $9.17, missing Wall Street estimates that ranged from $9.96 to $10.63. Total revenue fell 1 percent to $13.6 billion, aligning with or slightly surpassing forecasts, while net income attributable to...