Charter Communications Inc. CHTR netted an increase of 76,000 internet customers in its first quarter, while also picking up new wireless subscribers but continuing to shed video customers. The company generated first-quarter net income of $1.02 billion, or $6.65 a share, down from $1.20 billion, or $6.90 a share, a year before. Analysts tracked by FactSet were expecting $7.46 a share in earnings. Charter also reported quarterly adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $5.35 billion, up from $5.21 billion, while analysts were modeling $5.37 billion. Revenue rose to $13.65 billion from $13.20 billion, whereas the FactSet consensus was for $13.62 billion. The company saw a net increase of 76,000 internet customers, with gains of 67,000 in the residential category and a pick up of 9,000 customers among small- and medium-sized businesses. Video net losses were 241,000 for the first quarter. Charter added a net of 686,000 mobile lines in the period. The report comes after Charter shares powered 6.9% higher in Thursday’s session, in sympathy with a 10.3% rally for cable peer Comcast Corp. CMCSA , which delivered upbeat earnings.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.