Charter Communications (NASDAQ:CHTR) shares plunged more than 13% Friday after its quarterly earnings report missed the top and bottom line analyst consensus estimate.
The company reported fourth-quarter earnings of $7.07, $1.65 worse than the analyst estimate of $8.72, while revenue for the quarter came in at $13.7 billion, below the consensus estimate of $13.71 billion.
During the quarter, the company's total residential and small and medium business (SMB) internet customers decreased by 61,000, while total residential and SMB mobile lines increased by 546,000.
"Our rural footprint expansion is exceeding our deployment and penetration targets," said Chris Winfrey, CEO of Charter. "Our network evolution and convergence efforts remain on course. And we are beginning to see the benefits of investments in our employees and digital service to improve the customer experience."
As of 10:30 am ET, Charter shares are down 13.2% at $331.93 per share.