Charter Communications Shares Rise on 1Q Internet, Wireless Gains
28 Abril 2023 - 1:51PM
Dow Jones News
By Will Feuer
Charter Communications Inc. shares climbed almost 8% to $369.24
in midday trading on Friday after the cable company reported
better-than-expected gains in home internet and wireless customers
for the first three months of this year.
The Stamford, Conn.-based company's results were mixed, but
Charter showed growth in key areas, as residential internet
subscribers rose by 67,000, better than Wall Street analysts were
expecting, according to FactSet.
In the wireless business, which has been a source of rapid
growth in recent years as Charter and Comcast Corp. take customers
from the cell carriers, Charter added 666,000 residential mobile
user, up from 357,000 a year earlier.
"Wireless adds blew away expectations," NewStreet Research
analysts said in a report. "That is a huge result, that we don't
think is reflected in expectations for Charter or for the wireless
industry." They said Charter managed to add more wireless
subscribers than any of the three national cell carriers in the
first quarter.
At the same time, cord cutting accelerated during the quarter as
Charter recorded a net loss of 237,000 residential video customers,
more than the loss of 164,000 customers that analysts were
expecting.
Charter's first-quarter revenue rose 3.4% to $13.65 billion,
topping analysts' expectations of $13.63 billion.
Write to Will Feuer at will.feuer@wsj.com
(END) Dow Jones Newswires
April 28, 2023 12:36 ET (16:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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