Charter Stems Broadband Losses After Subsidy End; Shares Surge
- Charter saw uptick in mobile phone subscriber numbers
- End of pandemic-era subsidy program still weighs on results
A Spectrum store in New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Charter Communications Inc. shares surged after the cable and internet giant reported losing fewer broadband subscribers than analysts expected in the third quarter despite the end of a federal internet subsidy program.
The company reported 113,000 fewer home broadband internet customers in the three months ending Sept. 30, beating estimates for a loss of 248,000. Charter, which operates the Spectrum brand, parted ways with 281,000 home video customers compared with estimates for losses of 368,000, according to data compiled by Bloomberg.