#Spectrum #Parent #Charters #Stock #Soaring #Friday
Key takeaways
- Charter Communications beat earnings and sales estimates as it lost fewer subscribers than expected.
- The cable TV, mobile phone and internet service provider also recorded a big jump in the number of mobile customers.
- Shares rose in early trading Friday, but remain in negative territory for the year.
Shares of Charter Communications (CHTR) rose on Friday after the cable TV, mobile and Internet services provider reported better-than-expected results as it lost fewer subscribers than expected.
Parent company Spectrum reported third-quarter earnings per share (EPS) of $8.82, with revenue increasing 1.6% to $13.8 billion. Both numbers were higher than analyst expectations compiled by Visible Alpha.
Charter is losing fewer Internet subscribers than expected, and mobile customers are jumping
Charter’s Internet customers fell by 110,000 to 30.3 million, and its video customers fell by 294,000 to 13.2 million. Analysts surveyed by Visible Alpha were looking for 30.1 million and 12.9 million, respectively.
The telecoms giant also recorded a big jump in the number of mobile customers, with the number of those using Charter’s mobile lines jumping 26% to 9.4 million, more than expected.
Charter shares were up nearly 13% in intraday trading on Friday, and despite Friday’s gains, they have lost nearly 5% of their value since the beginning of the year.
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#Spectrum #Parent #Charters #Stock #Soaring #Friday
