Charter Shares Fall 5% After Q3 Loses 233,000 Internet Subscribers
Updated
Updated · Deadline · Nov 6
Charter Shares Fall 5% After Q3 Loses 233,000 Internet Subscribers
3 articles · Updated · Deadline · Nov 6
Summary
Charter stock dropped 5% in early Friday trading after the company reported a pro forma third quarter loss of 233,000 internet customers, leaving it with 34.3 million broadband subscribers.
The weaker broadband showing overshadowed August’s $34.5 billion Cox acquisition, even as Charter posted 9% revenue growth to $14.9 billion and reaffirmed $1 billion in merger synergies.
Wireless remained the main offset, adding 1.8 million lines over the past year to 13.5 million customers, while video losses narrowed to 77,000 from 121,000 a year earlier.
Competition from wireless and satellite providers including Starlink is still pressuring cable broadband, and analysts say sentiment may not improve until subscriber losses stabilize.
That pressure has fueled talk of a Charter-Comcast tie-up as Comcast prepares to separate NBCUniversal from a connectivity business facing similar headwinds.