1st Nov 2024 12:15
(Alliance News) - Charter Communications Inc on Friday said that it had "executed well" over the third quarter, after seeing both income and revenue increase.
Charter is a Stamford, Connecticut-based mass media company and owner of the Spectrum brand.
For the nine months ended September 30, the firm posted net income attributable to shareholders of USD3.62 billion, up from USD3.50 billion the previous year. Third quarter net income was USD1.28 billion, up from USD1.26 billion a year prior.
Revenue in the first nine months rose to USD41.16 billion from USD40.90 billion the year previously. Third quarter revenue was up 1.6% to USD13.80 billion from USD13.58 billion.
According to Charter, this third quarter increase was driven by growth in residential mobile service, residential Internet, advertising and other revenues, partly offset by lower residential video revenue.
Year-over-year revenue growth was "favourably impacted" by USD68 million of total customer credits in the prior year period, the firm added, related to the temporary loss of Disney programming in September 2023.
Despite improved revenue and profit, third quarter total Internet customers fell by 110,000. As of September 30, Charter served 30.3 million Internet customers.
Meanwhile, third quarter total mobiles lines increased by 545,000. As of September 30, Charter served 9.4 million mobile lines.
"We executed well during the third quarter, building on our operating strategy and foundational investments," said Chief Executive Officer Chris Winfrey.
"Now and in the future, we have the best, fully deployed network uniquely capable of delivering seamless connectivity and entertainment, everywhere we operate. We have pricing and packaging that saves customers money with the best products, and a service capability and investment that has yet to be fully realized as a competitive advantage."
Shares in Charter Communications were up 7.1% at USD351.00 each in the New York pre-market on Friday.
By Holly Beveridge, Alliance News senior reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.