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Altice USA stock sinks after tough third quarter earnings

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Altice USA's stock sunk more than 20% Thursday after a weak earnings report

's shares dropped more than 20% and trading in the stock was briefly halted Thursday, after the company posted a weak earnings report.

The company, which provides broadband, cable-TV, wireless and phone services, saw its shares sink following Wednesday's earningsthat net income and revenue fell as Altice lost subscribers and continued to spend significantly on the rollout of its fiber network. Altice's net income for the third quarter fell to $85 million from about $267 million compared to the same period last year. Earnings per share on a diluted basis fell to 19 cents from 58 cents last year.The company's revenue fell 7% to $2.39 billion, due to the decline in residential and business services customers. Adjusted earnings before interest, taxes, depreciation and amortization fell 18% to $954.4 million compared with the prior year.

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