Charter, the number 2 ranked US cable operator, reported a modest increase in revenue but wider video subscriber losses in the third quarter ending September 30th.
Revenue of $10.5 billion increased 4 per cent due to residential revenue growth of 4 per cent and commercial revenue growth of 8 per cent, while advertising revenue dropped 11 per cent on lower election campaign revenue.
The company has 16.5 million total customers in the US but reported a net loss of 104,000 video subscribers, up from 47,000 in the same quarter a year ago.
Net income declined to $48 million from $189 million a year ago due to an increase in depreciation and amortization in the current quarter. Adjusted earnings before income, taxes, depreciation and amortization increased 5 per cent to $3.8 billion.
Chairman and CEO Tom Rutledge said the integration of the acquired systems (Time Warner and Brighthouse) “is going well and remains on schedule.” He added, “Despite the complexity that comes with changing the way we do business in 75 per cent of our footprint, we continue to generate solid customer, revenue and EBITDA growth.”
Broadband penetration is continuing, with 22.3 million residential customers now getting service from Charter. The company said it now offers high-speed service of 100 Mbps to 75 per cent of its total footprint.