As a seasoned gamer with decades of experience navigating the ever-evolving digital landscape, I can’t help but draw parallels between my journey and the current state of Altice USA. Much like how I’ve had to adapt to new gaming platforms, technologies, and competition over the years, Altice is facing its own evolution – the shift from traditional cable TV to streaming platforms.
Altice USA is still losing television subscribers, as the larger cable industry grapples with the effects of people canceling their cables and opting for online streaming services instead.
Under the guidance of Dennis Mathew, the cable service provider experienced a loss of approximately 72,800 video customers in the second quarter alone. Additionally, over the course of a year, they lost a total of 291,000 video subscribers. By the end of the most recent financial quarter, Altice USA was left with around 2.02 million pay-TV subscribers, with a significant number of these disconnections occurring in low-income households.
Altice USA caters to approximately 5 million households and businesses that use cable services across 21 states in the U.S., mainly through its Optimum brand. To keep their video customers, they’ve planned a new $30 per-month television package delivered via the internet for their subscribers.
“Mathews expressed confidence that our current products and skills will enable us to compete effectively in all market segments over the long term. In an effort to enhance customer satisfaction, Altice USA, similar to other cable TV competitors, has been focusing on refining pricing, installation processes, and content selections for operational efficiency.”
In Q2 of this year, the cable service provider experienced a decrease in home-based broadband subscribers by 51,000 compared to a loss of 37,000 broadband customers in the same quarter of 2023. This decline was due to increased competition from other major cable providers and the conclusion of Affordable Connectivity Program subsidies that helped low-income households reduce their monthly broadband costs.
At the end of the second quarter, Altice USA reported a total of 4.4 million broadband subscribers, and they managed to gain an additional 33,000 mobile phone users in that period.
During the recent second quarter, net income decreased to approximately $15.4 million, equivalent to a penny per share (3 cents in total), compared to $78.3 million, or 17 cents per share, reported at this time last year. Additionally, revenue dipped by 3.6% to reach $2.2 billion during the said financial quarter.
On Thursday before the market opened, shares of Altice USA dropped by 23 cents, equating to a decrease of 11%, and settled at $1.86.
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2024-08-01 16:54