Charter Suffers Worst Selloff in Nine Years After Shedding Subscribers
- Cable-TV giant lost 122,000 TV customers last quarter
- CEO highlights broadband focus, says strategy still ‘on track’
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Charter Communications Inc. suffered its worst stock plunge in nine years following dismal results, renewing concerns that the second-largest U.S. cable provider can’t hold on to TV customers.
The shares tumbled as much as 16 percent to $250.10 -- the worst decline since 2009, the year the company emerged from bankruptcy. The rout followed an 11 percent drop this year through Thursday’s close.