Charter Communications Reports Declining Q2 Profit, Revenue Falls Short Of Expectations
Charter Communications Inc. reported second-quarter earnings that declined sharply as revenue fell short of Wall Street expectations. Shares were down slightly on light volume in premarket trade. The company reported net income of $139 million, or 52 cents per share, compared with $248 million, or 91 cents during the same period a year ago. FactSet's consensus for per-share earnings was 79 cents. Revenue for the quarter hit $10.36 billion, compared with $9.97 billion on a pro forma basis in the same quarter a year ago. Revenue was just below FactSet's consensus of $10.38 billion. Charter lost 90,000 video subscribers in the quarter, compared with a larger loss of 152,000 a year ago, but reported net customer adds of 155,000 thanks to its internet business. Revenue in the video segment, $4.12 billion, remained relatively unchanged year-over-year despite the loss in subscribers. Shares of Charter have gained more than 21% in the year to date, while the S&P 500 index is up more than 11%.
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