Why did ATNI's Q4 earnings fall short of forecasts?

ATN International Inc. (ATNI) experienced a shortfall in its Q4 earnings when compared to forecasts, primarily due to a decline in construction and communication services revenue. Here are the key reasons:

1. **Revenue Decline**: The total revenue for Q4 fell to $180.55 million, which is a 9% decrease from the same period in the previous year. This reduction is attributed to the conclusion of certain government programs, such as the Emergency Connectivity Fund (ECF) program, which had a significant impact on the US Telecom segment's revenue.
2. **Government Program Impact**: The expiration of subsidy programs and shifts in consumer demand have also contributed to the decline in revenue. These changes in government support and consumer behavior have created challenges for the US Telecom segment, which has seen a decrease in revenue despite strategic network expansions and upgrades.
3. **International Segment Performance**: While the International Telecom segment showed strong performance with a 10% year-over-year growth in adjusted EBITDA and a 21% increase in business mobility revenue, the overall company performance was negatively affected by the revenue shortfalls in the US Telecom segment.

In summary, ATNI's Q4 earnings fell short of forecasts due to a combination of reduced construction and communication services revenue, the impact of government program expirations, and shifts in consumer demand. These factors, despite the positive performance in the International Telecom segment, collectively contributed to the shortfall in earnings.