: Altice USA stock falls as results miss expectations amid ‘macroeconomic pressures’

Shares of Altice USA Inc. ATUS fell after hours on Wednesday, after the broadband and video-services provider reported third-quarter results that missed expectations. The company, whose offerings are available largely in the New York metropolitan area and in the south-central U.S., reported net income of $97.6 million, or 19 cents a share, compared with $270.7 million, or 58 cents per share, in the same quarter last year. Revenue slipped to $2.39 billion, compared with $2.57 billion in the prior-year period. Analysts polled by FactSet expected Altice to earn 35 cents a share, on revenue of $2.45 billion. Executive Chairman Dexter Goei, in a statement, said the company executed a “further acceleration in our fiber network deployment” but said “we are operating in a very competitive environment and are starting to see some macroeconomic pressures across our business.” Shares fell 6.6% after hours.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.