Charter's 4Q Earnings Hit by Lower Internet, Video Customers

By Will Feuer

Charter Communications posted lower earnings for the fourth quarter as it lost internet subscribers and also faced continued pressure among its video customers as cord cutting accelerated.

The cable company posted a fourth-quarter profit of $1.06 billion, or $7.07 a share, compared with $1.2 billion, or $7.69 a share, in the same quarter a year earlier. Analysts surveyed by FactSet expected $8.76 a share.

Revenue inched 0.3% higher to $13.71 billion, above analysts' estimates for $13.7 billion.

The company said it lost 61,000 internet customers in the quarter, mostly from residential customers. Analysts expected the company to add 6,000 internet customers.

Charter lost 257,000 video customers as cord-cutting trends accelerated, worse than the roughly decline of 194,000 that analysts expected.

One bright spot was Charter's rapidly growing wireless business that has positioned it as an aggressive rival to the traditional cell carriers. The company added 546,000 wireless customers.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

February 02, 2024 07:33 ET (12:33 GMT)

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