Tuesday, November 21, 2017
Business

AT&T warning is latest sign more consumers are cutting the cord

RECOMMENDED READING


NEW YORK — Signs that more people are dropping their traditional TV subscriptions weighed on TV providers' stocks Thursday.

AT&T said it lost 90,000 video subscribers in the U.S. in the third quarter. It's a steeper drop than the same period last year, even though gains from its newer, cheaper online cable-like service, DirecTV Now, are included. DirecTV Now wasn't available in the July-September quarter in 2016.

DirecTV Now added 300,000 subscribers in the quarter, so AT&T lost about 390,000 satellite TV and cable customers.

AT&T, which is also the No. 2 wireless carrier in the U.S., blames tough competition from both traditional TV providers like Comcast and newer digital-video services like YouTube TV. It also blames the impact from hurricanes and stricter credit standards for customers.

AT&T's prediction, issued after the market closed Wednesday, echoed Comcast's forecast in early September of third-quarter losses of 100,000 to 150,000 video customers due. That would be Comcast's largest quarterly loss since 2014. Comcast also blamed competition and weather.

Rising prices for traditional TV bundles and those growing digital options are increasingly driving customers online and away from traditional TV.

"It should be clear that DirecTV, like all of its cable peers, is suffering from the ravages of cord-cutting," MoffettNathanson analyst Craig Moffett wrote in a Wednesday night note to investors.

AT&T stock fell 4.5 percent to $36.48 in afternoon trading. Shares of cable companies Comcast and Charter and rival satellite TV provider Dish also dropped.

Comments
A new threat this shopping season: toys that can spy on kids

A new threat this shopping season: toys that can spy on kids

ST. PETERSBURG — Not all sinister toys are as obvious as a Chucky doll. Many present more subtle threats — choking hazards, high lead content, privacy concerns. And as the biggest shopping season of the year kicks off, consumer advocates are urging s...
Updated: 2 hours ago
Copa Airlines to fly daily nonstop from Tampa to Panama next summer

Copa Airlines to fly daily nonstop from Tampa to Panama next summer

TAMPA — Panama’s Copa Airlines, which four years ago became the first airline to offer service between Panama and Tampa Bay, said it is increasing its nonstop service between Tampa International Airport and Panama City to daily flights starting in Ju...
Updated: 2 hours ago
Irma did not stop tourists from setting record visits to Florida so far in 2017

Irma did not stop tourists from setting record visits to Florida so far in 2017

Despite Hurricane Irma, Florida hit another record high number in tourists visiting the state in the first nine months of this year, according to figures released this week.Visit Florida, the state’s tourism bureau, said 88.2 million visitors came to...
Updated: 4 hours ago
FCC chairman unveils proposal to repeal net neutrality

FCC chairman unveils proposal to repeal net neutrality

WASHINGTON — Federal Communications Commission Chairman Ajit Pai on Tuesday followed through on his pledge to repeal 2015 regulations designed to ensure that internet service providers treat all online content and apps equally, setting up a showdown ...
Updated: 4 hours ago
Crime Stoppers, Straz Foundation still working out Seminole Heights reward money

Crime Stoppers, Straz Foundation still working out Seminole Heights reward money

TAMPA — You can collect $110,000 in reward money for information leading to an arrest in the Seminole Heights killings, but for now you’ll have to make two stops.The David A. Straz Foundation announced Monday it would contribute $10,000 to a reward f...
Updated: 7 hours ago
Barricades reinforce security for holiday events on St. Petersburg’s downtown waterfront

Barricades reinforce security for holiday events on St. Petersburg’s downtown waterfront

Times Staff Writer ST. PETERSBURG — World and national tragedies are changing the city’s approach to security for special events at North Straub Park.With the approach of the holidays, concrete barricades have been erected at a section of the park’s ...
Updated: 12 hours ago
Ybor ’s first public school, long gone, still has a story to tell about district’s history

Ybor ’s first public school, long gone, still has a story to tell about district’s history

TAMPA — It’s been more than a century since Ybor City’s first public school was demolished on the plot of land now identified as 1311 E. Eighth Ave.For the past 22 years, the popular concert venue New World Brewery took up the space and one next door...
Published: 11/21/17
Hurricane Irma hurt some Tampa Bay home sales even in October

Hurricane Irma hurt some Tampa Bay home sales even in October

Pinellas County home sales took another hurricane-related hit in October as the rest of the Tampa Bay area bounced back from Hurricane Irma.But while prices in all four counties rose once again, the rate of increase continues to slow. Hillsborough’s...
Updated: 3 hours ago
Up for sale? Activist investor grabs stake in Tampa’s Bloomin’ Brands

Up for sale? Activist investor grabs stake in Tampa’s Bloomin’ Brands

TAMPA — If you tread water too long in the same spot, someone might start asking why you’re not trying to swim somewhere.Tampa’s Bloomin’ Brands — parent company of such prominent restaurant chains as Outback Steakhouse, Carrabba’s Italian Grill and ...
Updated: 5 hours ago
St. Petersburg council okays restaurant deal for Manhattan Casino

St. Petersburg council okays restaurant deal for Manhattan Casino

ST. PETERSBURG — The City Council on Monday approved a lease for the Manhattan Casino, a landmark building in the city’s historic African-American business and entertainment community.It was a controversial decision for some of the city’s black resid...
Updated: 7 hours ago