Charter Communications Inc (NASDAQ: CHTR) shares – an American telecommunications and mass media company – plunged on Wednesday after announcing an expansion plan that costs more than initial analysts' estimates. As of 12:30 PM, ET Charter shares dropped by 11.76%.
Charter Communications Inc officially went public on November 1999, reaching its all-time high at $821.01 on September 2, 2021. The company is now down by 46.12% year-to-date at $347.82, as of press time, while still up by 911.39% overall.
The company announced a three-year network spending expansion budget of $1 billion over analysts' estimates of $10.7 billion. The new CEO, Chris Winfrey, told investors that the spending will lead to "higher generational growth."
The company's $10.7 billion budget includes a $5.5 billion spending plan specifically for cable network upgrades to help improve its broadband connections services. The overhaul is estimated to finish in 2024 and is expected to cost $100 per home.
See the $CHTR chart performance here.
Charter Communications Inc stocks dropped as it announced its expansion plans would cost more than their initial estimates. The investors' reaction happened despite the company having a $61.13 billion market cap as of press time.
Since investors can't know for sure whether the company will successfully carry out its expansion successfully, it is more important to focus on Charter's business.
See full $CHTR flow at: https://unusualwhales.com/stock/CHTR/flow-overview
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