Charter Communications Posts Higher 3Q Profit and Revenue, Adds Customers
30 October 2020 - 11:09PM
Dow Jones News
By Matt Grossman
Charter Communications Inc. Friday posted a rise in its
third-quarter profit as it added a greater number of internet and
mobile-phone customers and as advertising spending increased with a
boost from political campaigns.
The Stamford, Conn.-based cable-TV and internet provider logged
a third-quarter profit of $814 million, or $3.90 a share, compared
with a profit of $387 million, or $1.74 a share, in the same
three-month period a year earlier.
Analysts surveyed by FactSet were expecting a profit of $3.18 a
share.
Revenue was $12.04 billion, up from $11.45 billion in the same
three-month period a year earlier. Analysts had forecast revenue of
$12.07 billion.
Residential-customer revenue grew by 4% to $9.4 billion as the
company gained new internet customers and stepped others up from
introductory rates. The gains more than offset expenses from
credits as Charter set aside money to reimburse sports-network
subscribers for canceled games during the pandemic.
Advertising sales increased by 17% year-over-year as political
campaigns booked more spots ahead of next month's elections. Ad
revenue declined by 11% excluding political buyers.
Residential and small- and medium-business internet customers
increased by 537,000 in the quarter, compared with 380,000 in the
year-earlier period. Charter added 363,000 new mobile lines,
compared with 276,000 in the same period a year earlier.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 30, 2020 07:54 ET (11:54 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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