Charter Communications Shares Fall After Company Reports Earnings Below Expectations

Charter Communications Inc. shares fell more than 5% on light volume in premarket trade on Tuesday after the company reported profit for the first quarter that came in below expectations. Net income for the quarter was $155 million, or 57 cents per share, after reporting a net loss of $188 million, or $1.86 per share during the same period a year ago. Analysts tracked by FactSet expected per share earnings to come in at 91 cents per share. Revenue hit $10.2 billion during the quarter, compared with $2.5 billion in the year earlier period. The revenue increase is a result of Charter's acquisitions of Time Warner Cable and Bright House Communications FactSet expected revenue to hit $10.3 billion. Charter reported losing 100,000 video subscribers, while overall customer relationships increased by 365,000. Shares of Charter have gained more than 19%, while the S&P 500 index has gained nearly 7% in the same period.