April 24 (Reuters) – Charter Communications on Friday reported more broadband customer losses in the first quarter than analysts estimated, as telecom rivals offered aggressive promotional deals to draw users away from traditional cable internet.
The company’s shares fell more than 18% to a near four-month low.
• Charter lost 120,000 broadband customers during the quarter, compared with an estimated loss of 100,036 users, according to Visible Alpha.
• The company’s video customers decreased by 60,000, less than the estimated decline of 85,872, thanks to simplified pricing and packaging. Charter had 12.5 million total video customers at the end of first quarter.
• Aggressive promotion of fixed-wireless home internet by U.S. wireless carriers has intensified competitive pressure on cable operators.
• Total quarterly revenue was $13.60 billion, while analysts estimated $13.55 billion, according to data compiled by LSEG.
• Charter added 368,000 mobile lines, compared with an expected increase of 431,920 lines.
• The Federal Communications Commission had approved Charter’s $34.5 billion acquisition of Cox Communications in February.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shilpi Majumdar )
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