Why Spectrum Parent Charter's Stock Is Soaring Friday
Key Takeaways
- Charter Communications beat profit and sales estimates as it lost fewer subscribers than expected.
- The cable TV, mobile, and internet service provider also posted a big jump in mobile customers.
- Shares surged in early trading Friday, but remained in negative territory for the year.
Charter Communications (CHTR) shares surged Friday after the cable TV, mobile, and internet services provider reported better-than-anticipated results as it lost fewer subscribers than expected.
The Spectrum parent posted third-quarter earnings per share (EPS) of $8.82, with revenue up 1.6% to $13.8 billion. Both figures were above analysts' forecasts compiled by Visible Alpha.
Charter Loses Fewer Internet Subscribers Than Expected, Mobile Customers Jump
Charter's internet customers declined by 110,000 to 30.3 million, and video customers slid 294,000 to 13.2 million. Analysts surveyed by Visible Alpha were looking for 30.1 million and 12.9 million, respectively.
The communications giant also posted a big jump in mobile customers, as those using Charter’s mobile lines jumped 26% to 9.4 million, more than anticipated.
Charter shares were up about 13% in intraday trading Friday, though even with Friday's gains, they've lost close to 5% of their value since the start of the year.
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