Charter Third-Quarter Financials, Sub Trends Improve
The cable company's video subscriber loss narrowed to 9,000 in the period
Cable operator Charter Communications, in which John Malone's Liberty Media owns a big stake, on Wednesday posted improved financials and subscriber trends for its third quarter.
The company reported revenue of $2.28 billion, up 8 percent, as its loss narrowed to $53 million from the year-ago loss of $70 million.
The company ended September with 4.16 million video subscribers, down 9,000 in the third quarter. That momentum improved from the year-ago loss of 27,000 customers. Broadband user growth accelerated from 86,000 to 94,000.
Overall residential customer relationships increased by 68,000 in the third quarter, up 4.9 percent over the year-ago period when the firm added 46,000 such relationships.
Said CEO Tom Rutledge: "Charter's strategy to create value by delivering superior products and service at highly competitive prices is working. As a result, our customer growth continues to accelerate."