By George Glover
Charter Communications stock was rising Friday as strong mobile-service revenue growth helped the cable provider's earnings to top Wall Street's expectations.
Shares in the company, which offers pay TV services and Spectrum internet service, climbed 5.8% to $356.12. The S&P 500 was up 0.4%.
The gains came after Charter reported fourth-quarter earnings of $10.10 a share. Revenue climbed 1.6% from a year ago to $13.93 billion. Analysts surveyed by FactSet were expecting earnings of $9.21 a share from revenue of $13.88 billion.
Revenue for Charter's video business fell 7.4% from a year ago to $3.62 billion, but a 37.4% jump in mobile service revenue and a 26.4% gain in ad sales helped offset that.
Charter lost 177,000 internet customers over the fourth quarter, but added 529,000 mobile lines.
Charter's results come a day after numbers from rival Comcast showed it had lost more broadband subscribers than analysts were expecting over the fourth quarter. Comcast stock ticked up 0.8% Friday, having plunged 11% the previous session.
Write to George Glover at george.glover@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 31, 2025 10:02 ET (15:02 GMT)
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