• by Wayne Friedman , May 2, 2017

Charter Communications has a net loss of 100,000 video subscribers in the first quarter versus the same period a year before  -- as well as posting profits under expectations.

Video subscribers for the big cable systems operator dropped 2% in the period, now totaling of 16.7 million subscribers. In the same period the year before, it had a net gain of 24,000. 

Charter Communications mid-day Tuesday stock price was down nearly 3% on the news to $334.80.

Charter’s broadband/Internet subscribers gained 7% to 21.8 million, adding 428,000 customers. Voice subscribers inched up 2% to 10.4 million, improving 37,000.

The company's overall first-quarter revenues were up 4.3% to $10.2 billion -- with net income sinking to $155 million in the first quarter, compared to $179 million, due to depreciation and amortization and higher severance-related expense. Net earnings came in below expectations, according to analysts estimates.

Video revenues were virtually unchanged at $4.1 billion, rising 0.1%. Internet business rose 12% to $3.4 billion, with voice revenues down 5% at $694 million.

Advertising revenues from its local cable sales operations sank 7.7% to $337 million because of a decline in political advertising revenues.