Altice Stock Falls on Projected Q3 Broadband Sub Declines

Noting underwhelming back-to-school broadband adds, Altice will likely end up with 15,000 to 20,000 net broadband losses in Q3 and broadband subscriber numbers that are flat to slightly up for the year, CEO Dexter Goei said virtually Thursday at the Goldman Sachs Communacopia Conference. He said a new product set and pricing launched early this month should move the company "back to normalized trends and positive net adds" in Q4. Goei said Altice would upgrade 1.5 million homes to fiber by year-end in its footprint where it competes with Verizon. It's also weighing whether to accelerate the timetable for upgrading an additional 1.5 million homes to fiber in that overlap area, and whether other parts of Altice's network should be upgraded. He said the resignation of Chief Operating Officer Hakim Boubazine (see 2109080083) came as operating trends "have been underwhelming the last year or so." Goei's decision to assume Boubazine's duties was designed to bring issues to his attention more quickly, he said. The stock closed down 13% to $22.06.