Why Altice USA Stock Tanked on Thursday
While cable company Altice USA (NYSE: ATUS) delivered quarterly results that topped analyst expectations for profitability, investors nevertheless traded out of the stock. Many were doing so on concerns about the company's all-important broadband-subscriber count and its plans for the future. Consequently, Altice USA's stock price took a hit of almost 18% on the day.
After market hours on Wednesday, Altice USA released its Q4 and full-year 2021 earnings. These revealed that the company earned revenue of $2.52 billion, representing a marginal decline over the year-ago quarter. GAAP net income experienced a steeper fall, sliding by 24% to just under $252 million ($0.56 per share).
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Source Fool.com
