Charter Revenue, Earnings Up in 3Q, Driven by Internet, Mobile Growth
October 29 2021 - 6:57AM
Dow Jones News
By Matt Grossman
Charter Communications Inc. on Friday posted sales growth in the
third quarter from greater internet, mobile-phone and business
relationships, though the company lost customers in its residential
video and land-line businesses.
The Stamford, Conn.-based internet, cable and phone-plan
provider posted earnings of $6.50 a share, a rise from $3.90 a
share a year earlier. Analysts were forecasting earnings of $5.90 a
share, according to FactSet.
Net income rose to $1.22 billion from $814 million, it said.
Sales were $13.15 billion, a 9.2% increase from $12.04 billion,
it said. Analysts were expecting sales of $12.93 billion.
Revenue from residential customers grew by 9.4%. Mobile revenue
was up by 45%, and commercial revenue rose by 7.1%, the company
said.
Charter lost 133,000 residential video customers in the third
quarter as people moved away from cable subscriptions. Residential
land-line customers fell by 230,000, it said.
Residential revenue per customer grew 5.6% to $115.15 as the
company benefited from the return of sporting events. In the same
quarter a year earlier, Charter recorded $218 million of credits to
customers for canceled sporting events during the pandemic, it
said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 29, 2021 07:42 ET (11:42 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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