Charter Communications Reports Fourth Consecutive Revenue Decline Amid Subscriber Losses
Charter Communications reported a fourth consecutive quarterly revenue decline as its internet and video subscriber base continued to shrink. Second-quarter revenue fell by 1.7% year-over-year to $13.53 billion, in line with analyst expectations. The company lost 172,000 internet subscribers during the quarter, bringing total subscriptions down to 29.4 million, while video customers dropped by 21,000 to around 12.5 million. The subscriber decline is attributed to rising competition from fixed wireless and fiber services in home broadband markets as well as cord-cutting trends affecting its cable business. Despite the losses, Charter added 406,000 mobile lines under Spectrum Mobile, ending with a total of 12.5 million lines. Charter remains on track to close its $21.9 billion acquisition of Cox Communications by mid-to-late August and expects it will help improve customer performance in internet services as well as expand into underserved areas for mobile and video.
Tickers: $CHTR
Topics: M&A subscriber_loss telecom