Charter sinks after detailing spending plans to update network

Charter Communications said last night in its investor meeting slides that its targets to spend $5.5B in capital expenditures for a network evolution footprint. The $5.5B will be partly offset by capital expenditure and operating expense efficiencies as a result of network evolution, Charter noted. The company plans on expanding plant capacity from 750/860 MHz to 1.2 GHz, with 1.8 GHz DOCSIS 4.0 capable equipment in whole markets across much of its footprint. The network evolution should be essentially complete by the end of 2025, according to Charter. The company currently expects full year 2023 capital expenditures, excluding line extensions capital expenditures, to be between $6.5B and $6.8B. Charter currently expects capital expenditures, excluding line extensions capital expenditures, to peak in either 2024or 2025 due to network evolution, and to decline thereafter. Shares of Charter are down 14% to $338.76 in morning trading.