Charter Communications reported its fourth consecutive quarterly revenue decline as internet and video subscriber losses deepened. Second-quarter revenue edged down 1.7% to $13.53 billion, roughly in line with FactSet estimates, while profit came in at $1.29 billion, or $10.66 a share, beating analyst expectations of $9.98 a share. Internet subscribers fell by 172,000 to 29.4 million, and video customers dropped by 21,000 to about 12.5 million, amid rising competition from fixed wireless and fiber services. The company added 406,000 mobile lines to its Spectrum Mobile offering, ending the quarter with 12.5 million mobile lines. Charter is in the process of closing a $21.9 billion acquisition of Cox Communications, with CEO Chris Winfrey expecting the deal to close in mid-to-late August and drive better internet customer performance.
Charter Communications IncRevenue declined for fourth consecutive quarter, subscriber losses deepened, though profit beat estimates.
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