Charter Broadband Growth Powers Second-Quarter Results

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Charter CEO Tom Rutledge

The cable giant grew its pay TV subscribers in the second quarter when including customers on special COVID-19 offers.

Cable operator Charter Communications, in which John Malone's Liberty Broadband owns a big stake, on Friday reported that it grew its pay TV subscribers in the second quarter when including customers on special COVID-19 offers and that its broadband user growth accelerated amid the coronavirus pandemic.

It also more broadband users than in the year-ago period during what was the first quarter to be fully affected by the novel coronavirus pandemic.
Charter chairman and CEO Tom Rutledge said: "We continue to perform in a difficult and disruptive environment, and all of us at Charter are proud of our work in serving the communities in which we operate."

Charter added 102,000 residential pay TV subscribers in the second quarter, when including 159,000 new and 206,000 overall people on coronavirus pandemic offers, compared with a loss of 150,000 in the year-ago period. As of the end of June, Charter had 15.65 million residential video customers.

The broadband business once again led the growth charge in the latest quarter as Charter recorded 842,000 residential internet subscriber net additions, up from 221,000 in the year-ago period.

The company's quarterly earnings came in at $766 million, compared with $314 million in the year-ago period. Adjusted earnings before interest, taxes, depreciation and amortization, another profitability metric, rose 7.3 percent to $4.5 billion. Second-quarter revenue increased by 3.1 percent to $11.7 billion.