Cable One Inc. (CABO) stock plummeted 6.2% in Friday's trading session, following the company's disappointing fourth-quarter 2024 results. The telecommunications provider reported a net loss of $105.2 million for the quarter, missing analysts' estimates, as revenue declined and costs increased.
The company's total revenue for Q4 2024 fell by 6% year-over-year to $387.2 million, driven by a 5.4% decrease in residential data revenue. Business data revenue, however, rose by 2.3% during the quarter. For the full year 2024, CABO's revenue declined by 5.9% compared to 2023, reflecting the challenges faced by the company.
Several factors contributed to Cable One's disappointing performance, including the discontinuation of the affordable connectivity program, which led to a loss of approximately 10,000 residential data subscribers. Additionally, the company faced increasing competition from incumbent local exchange carriers (LECs) deploying new fiber networks, impacting market dynamics.
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