Charter shares drop 20% after Q1 earnings miss and broadband customer losses exceed estimates

Charter Communications shares fell over 20% after reporting Q1 earnings per share of $9.17, missing the $10.63 analyst estimate. Revenue slightly declined 1% to $13.6 billion, meeting expectations. The company lost 120,000 broadband customers, double the previous year's loss and more than analysts predicted. Despite shedding 51,000 residential video customers, this was better than expected, helped by simplified pricing and streaming app bundles. Charter's mobile lines grew 17%, but growth is limited by reliance on wholesale wireless agreements. The company is focusing on its pending $34.5 billion merger with Cox Communications, expected to close by summer, promising $800 million in synergies.