Charter shares up on less losses
November 1, 2024
Charter Communications beat Wall Street estimates with its Q3 results, reporting fewer than expected cord-cutters, sending shares up 16 per cent.
The US telco’s budget connection plans – offering high-speed data – have resonated with customers and fuelled significant growth, countering competition from major wireless providers.
“We have pricing and packaging that saves customers money with the best products, and a service capability and investment that has yet to be fully realised as a competitive advantage,” Charter CEO Chris Winfrey said.
In September, Charter rolled out cheaper internet plans bundled with its mobile and cable TV services to boost broadband customer retention.
Charter lost 110,000 internet customers in the quarter, compared with expectations for 267,020 losses, according to Visible Alpha. The broadband losses were primarily due to the end of a US federal internet subsidy for low-income households.
Revenue for the third quarter grew 1.6 per cent to $13.8 billion (€12.7bn), beating estimates of $13.66 billion.
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