Charter Drops on Customer Loss as Subsidy for Five Million Wanes
- Video and broadband customer declines steeper than expected
- Charter will lose ‘some’ customers as US program goes away
A Spectrum store in New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Charter Communications Inc. missed profit estimates and reported steeper customer losses than predicted, while warning that more users will drop service with the expected expiration of a federal broadband subsidy.
Charter on Friday reported earnings per share of $7.55, compared with analysts’ average expectation of $7.78. Revenue of $13.7 billion roughly matched estimates. It shed 392,000 residential video customers and 72,000 broadband customers, with each number exceeding estimates.