Altice continued to see erosion in its Optimum pay television business, with around 62,000 residential disconnecting their cable TV service during the company’s fourth financial quarter (Q4) of 2023.
At the end of 2023, the number of residential customers paying for Optimum TV was 2.172 million, representing a year-over loss of 226,700 video customers during the year, the company revealed.
Another 113,900 residential customers stopped paying for Optimum Internet during 2023, the company reported, with around 4.169 million signed on for Altice’s land-based broadband service by the end of 2023.
The erosion came despite Altice reconfiguring some of its customer broadband rates, which saw most subscribers paying slightly less for high-speed Internet. The subscriber losses combined with the lower rate for broadband Internet propelled a financial loss of $117.8 million during Q4 2023, the company said. Revenue for the year came in at $2.3 billion, closely aligned with expectations from Wall Street analysts of $2.29 billion.
“2023 marked the beginning of a transformative journey for Optimum as we drove significant improvements across every area of our business by acting with operational and financial discipline,” Dennis Mathew, the Chairman and CEO of Altice U.S., said in a statement.
Mathew added that the company was continuing to improve its customer experience, “invest in quality networks and expansion to fuel broadband, and enhance our base management and go-to market efforts to set the foundation for growth.”
“We are well positioned as we enter 2024 and I am confident that we’re on the right path to return to sustainable long-term customer, revenue and adjusted (earnings before interest, tax, depreciation and amortization, or EBITDA) growth over time,” Mathew said.
