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Charter Communications (CHTR) shares fell over 9% Friday after the cable TV provider reported in its third-quarter earnings release that it credited customers and lost subscribers over a fee dispute with Disney (DIS).
Charter announced solid earnings but slightly lower-than-expected revenue for its third quarter. The company's internet and mobile segments saw modest growth in customer counts, but it also lost 320,000 residential video customers during the quarter.
Charter's (CHTR) third-quarter 2023 results reflect continued growth in Internet and mobile service revenues.
Charter Communications, Inc. (CHTR) Q3 2023 Earnings Call Transcript
Although the revenue and EPS for Charter (CHTR) give a sense of how its business performed in the quarter ended September 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Charter Communications (CHTR) came out with quarterly earnings of $8.25 per share, beating the Zacks Consensus Estimate of $7.73 per share. This compares to earnings of $7.38 per share a year ago.
Charter CEO Chris Winfrey said the company's recent Disney carriage fight cost the company 320,000 video customers in the third quarter, but the resulting deal represents “a significant step forward for the video ecosystem.” Speaking during the company's third-quarter earnings call, Winfrey said the agreement showcased “a new hybrid distribution model is good for consumers.
Charter Communications missed market estimates for quarterly broadband customer additions and posted lower free cash flow on Friday, as it grappled with network expansion costs and tough competition in a saturated market.
Video division revenue was hit the hardest this quarter due to a standoff with Disney,
Charter Communications Inc. added fewer internet subscribers than expected in the third quarter, though the company still racked up positive gains on the metric unlike rival Comcast Corp.