WideOpenWest, Inc (NYSE: WOW) saw a dip in its stock trading on March 13, 2024, following the release of its fourth-quarter financial results. The company reported a 6% year-on-year decrease in revenue to $168.8 million, falling short of expectations. The EPS loss of $(0.54) also missed projections, leading to a decline in the stock price.
Despite a 1% increase in High-Speed Data (HSD) revenue to $108.7 million, total Subscription Revenue for the quarter dropped by 5% to $155.5 million. This decrease was attributed to changes in service offerings and a reduction in Video and Telephony RGUs, as well as lower volume across all services.
On a positive note, the Adjusted EBITDA margin improved to 42.2% from 41.3% year-on-year. However, capital expenditures rose by 61% to $268.9 million for the year ended December 31, 2023. The total number of subscribers decreased to 504,100 as of December 31, 2023, down by 26,500 compared to the previous year.
Looking forward, WideOpenWest anticipates first-quarter revenue between $159 million and $162 million, below the consensus estimate. The company faces challenges and opportunities as it navigates market dynamics and strives for growth in a changing industry landscape.
WOW Stock Plummets 24.57% on March 13, 2024: What Investors Need to Know
On March 13, 2024, WOW stock experienced a significant drop in its price performance. Trading near the bottom of its 52-week range and below its 200-day simple moving average, the stock opened at $2.88, which was $0.58 lower than its previous close. Throughout the day, the price of WOW shares continued to decrease, ultimately dropping by $0.85 since the market last closed. This represented a substantial 24.57% decrease in the stock’s value. Investors were likely concerned by this steep decline in price momentum. The poor performance of WOW stock on March 13, 2024, may have been influenced by a variety of factors such as market conditions, company news, or broader economic trends. Investors who were holding WOW shares may have experienced losses as a result of this significant drop in price. It is important for investors to closely monitor the performance of their stocks and stay informed about any developments that may impact their investments. While stock prices can be volatile and subject to fluctuations, conducting thorough research and staying informed can help investors make well-informed decisions about their portfolios. As WOW stock continues to trade near the bottom of its 52-week range and below its 200-day simple moving average, investors will need to carefully assess the factors driving its performance and consider their investment strategies moving forward.
WOW Stock Performance Analysis: Flat Revenue, Decrease in Net Income, and EPS Decline
On March 13, 2024, WOW stock had a mixed performance based on the financial data provided by CNN Money. The company reported a total revenue of $704.90 million for the past year, which remained flat compared to the previous year. Similarly, the total revenue for the third quarter of the fiscal year was $173.10 million, also holding flat since the previous quarter.
However, the net income for WOW showed a significant decrease from the previous year, with a reported loss of $2.50 million, marking a 100.32% decrease. On the other hand, the net income for the third quarter improved slightly, with a loss of $104.50 million, representing a 2.75% increase from the previous quarter.
Earnings per share (EPS) for WOW also experienced a decline, with a reported EPS of -$0.03 for the past year, marking a 100.32% decrease from the previous year. The EPS for the third quarter was reported at -$1.29, representing a 3.53% decrease from the previous quarter.
Overall, WOW stock performance on March 13, 2024, showed mixed results with flat total revenue, a significant decrease in net income from the previous year, and a decline in earnings per share. Investors may need to closely monitor the company’s financial performance and market trends to make informed decisions regarding WOW stock.
