Charter Second-Quarter Sub Trends, Financials Improve
John Malone's Liberty Media owns a stake in the cable operator led by CEO Tom Rutledge.
Cable operator Charter Communications Inc., in which John Malone's Liberty Media owns a stake of roughly 26 percent, on Thursday posted improved financials and subscriber trends.
The company reported second-quarter revenue of $2.3 billion, up 7.3 percent, as its loss narrowed to $45 million from the year-ago loss of $95 million.
The company ended June with 4.17 million video subscribers, down 29,000. That momentum improved from the year-ago loss of 55,000 customers. Broadband user growth accelerated from 38,000 to 49,000.
Overall residential customer relationships increased 27,000 during the second quarter, compared with 2,000 during the second quarter of 2013.
"Our strategic initiatives to reposition Charter in the marketplace are gaining momentum and having their intended impact, attracting customers and driving faster revenue and adjusted [operating cash flow] growth," said CEO Tom Rutledge. "Charter is well positioned to drive higher levels of product penetration, financial growth and return on investment."