Charter earnings top expectations but company shows loss of internet subscribers

Charter Communications Inc. topped expectations with its latest revenue and income figures Friday but disclosed that it lost internet subscribers in the second quarter. Charter posted net income of $1.47 billion, of $8.96 a share, up from $1.02 billion, or $5.48 a share, in the year-prior quarter. Analysts tracked by FactSet were anticipating $7.16 in GAAP earnings per share. Revenue increased to $13.6 billion from $12.8 billion, while analysts had been modeling $13.4 billion. Charter saw a net decline of 21,000 internet customers between residential customers and small- and medium-sized businesses. Executives said in a release that the company would have posted growth of 38,000 “when excluding 59,000 customer disconnects related to the discontinuation of the Emergency Broadband Benefit program and additional requirements of the Affordable Connectivity Program.” The results come after cable peer Comcast Corp. reported no net broadband additions in its second-quarter report Thursday. Charter recorded a net of 344,000 new mobile lines for the second quarter. Shares of Charter have added 1.7% over the past three months as the S&P 500 has fallen 1.4%.

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