Cable operator Charter Communication on Tuesday posted first-quarter revenue that slightly over took the analysts’ estimates, as the cable company remained successful to lure more internet subscribers which also leveled the impact of declining video customers.
In the reported quarter, Charter came on adding 398,000 customers to its internet services against the analysts’ average estimate of 344,000, according to research firm FactSet.
Growth in revenues from Internet, mobile, video and commercial segments caused the company’s total revenue jumped 5.1 percent to $11.21 billion from revenue of $10.66 billion in the year-ago quarter, which also edge past the estimates of $11.2 billion, according to IBES data from Refinitiv.
Residential revenue of $8.91 billion, which added a share of 79.5 percent to the total revenues, that remained 4.2 percent up from that in the same quarter a year ago; while video revenues increased by 2.1 percent from the year-ago quarter to $4.38 billion to contribute 49.2 percent share towards the residential revenues, helped by promotional campaigns and annual rate adjustments.
Internet revenues saw a year-over-year increase of 8.6 percent to $4.02 billion back by more number of customers attracted to the Internet service, rate adjustments and promotions.
Mobile revenues experienced a year-over-year decline of 9.4 percent that dropped to $504 million as number of wireline voice customers decreased in the year-ago period.
Commercial revenue formed 14.2 percent of the total revenue in the first quarter that rose by 4.3 percent year-over-year to $1.59 billion; while small and medium business (SMB) saw an increase of 5 percent whereas Enterprise revenue jumped by 3.4 percent.
Advertising sales in the first quarter fell 3.1 percent to $345 million mostly because of lower political revenues, whereas other revenues declined 1.3 percent to $221 million.
Excluding revenues from advertising and mobile segments, revenue saw a rise of 4.1 percent year-over-year.