Charter Posts Higher 1Q Revenue, Lifted by Internet Gains
28 April 2023 - 10:09PM
Dow Jones News
By Will Feuer
Charter Communications Inc. gained home-internet customers
during the first three months of the year, but cord-cutting
accelerated as more Americans dropped their cable TV plans.
The St. Louis-based cable company posted a first-quarter profit
of $1.02 billion, or $6.65 a share, compared with $1.20 billion, or
$6.90 a share, in the same period a year earlier. Analysts surveyed
by FactSet were expecting adjusted earnings of $7.46 a share.
Revenue rose 3.4% to $13.65 billion. Analysts surveyed by
FactSet were expecting revenue of $13.63 billion.
Charter grew its residential internet subscription base by 0.6%,
or 67,000 subscribers, to 28.5 million subscribers, better than
Wall Street analysts were expecting, according to FactSet.
However, cord-cutting increased as Charter recorded a net loss
of 237,000 residential video customers in the quarter, more than
the loss of 164,000 customers that analysts were expecting.
Revenue from internet services rose 4.9% to $5.72 billion and
revenue from mobile services, a source of strength for Charter and
its cable peers in recent years, grew 28.3% to $497 million.
Revenue from video fell 2.1% to $4.25 billion and revenue from
voice fell 4.6% to $373 million.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
April 28, 2023 07:54 ET (11:54 GMT)
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