Altice USA continued its loss of video subscribers during its third financial quarter as the wider cable industry fends off the impact of cord-cutting and TV viewers turning to streaming platforms.
The cable operator, led by CEO Dennis Mathew, shed 77,000 more video customers during the third quarter, lowering its total video subscriber base to just over 2.1 million Optimum pay TV customers. That follows 72,800 video customers lost during the second quarter earlier this year, and 77,600 video subscribers shed during the third quarter of 2023.
During the third quarter to Sept. 30, 2024 Altice USA saw overall revenue fall 4 percent to $2.2 billion, against a year-earlier $2.3 billion. Video TV revenue fell to $715 million during the latest financial quarter, compared to $775.8 million in the third quarter of 2023.
And Altice USA swung to a third quarter loss attributable to stockholders of $43 million, a swing from a year-earlier profit attributable to stockholders at $66.8 million. Shares in the company slid by 11 cents, or just over 4 percent, to $2.48 in after-market trading on the New York Stock Exchange.
To help gain and retain pay-TV subscribers with its Optimum-branded customers, Altice USA launched Entertainment TV in July 2024 as a low-cost internet TV package priced at $30 per month.
And on Monday, Altice USA additionally launched an Extra TV package with 125-plus channels priced at $85 per-month, and an Everything TV package with over 200 channels and offered at $140 per month.
Rival cable giants like Charter Communications and Comcast are also targeting pay-TV cord-cutters and cord nevers with new streaming TV offerings.
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