Altice USA Experiences Slight Loss in Video Subscribers

U.S. cable giant Altice USA recently reported a small decline in its video subscriber base for the second quarter, while its earnings decreased due to lower overall revenue, as predicted by Wall Street.

The company witnessed a loss of 68,300 video subscribers between April and June 2023, compared to a loss of 84,500 video customers during the same period the previous year. Altice USA’s net income attributable to shareholders in the last quarter amounted to $78.3 million, a decline from $106.2 million in the second quarter of 2022.

The decrease in revenue by 5.6 percent to $2.32 billion contributed to the company’s situation. According to the Zack Consensus Estimate, the expected revenue for the quarter was $2.33 billion, representing a 5.4 percent decrease from the previous year. Residential revenue also declined by 5.7 percent, reaching $1.84 billion in the second quarter.

To serve around 5 million residential and business customers across 21 U.S. states, Altice USA provides internet broadband, video, and mobile phone services through its Optimum brand. Additionally, the company owns and operates national, international, and business news networks such as News 12, Cheddar News, and i24NEWS.

In a statement, Dennis Mathew, the chairman and CEO of Altice USA, expressed his satisfaction with the company’s progress in achieving its goal of becoming the preferred connectivity provider in all communities it serves. Mathew highlighted the operational and financial improvements made in the second quarter, leading to higher customer satisfaction metrics, reduced call volume, and fewer service visits. He further mentioned the impact of cord-cutting, as viewers are increasingly opting for streaming services like Netflix instead of traditional cable TV.

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