CHTR.US jumps over 13% as Q3 results beat expectations
1min read Charter Communications (CHTR.US) opened higher on Friday and fluctuated, up more than 13% at 371.01 at the time of writing. The company's third-quarter earnings per share and revenue exceeded expectations. Revenue in fiscal 2024 Q3 grew 1.6% YoY to $13.8 billion, topping analysts' consensus of $13.7 billion. EPS reached $8.82, topping analysts' consensus of $8.67. Specifically, residential revenue rose slightly by 0.3% to $10.77 billion, mobile services grew about 38% to help offset declines in video and voice. Commercial sales grew 2% to $1.82 billion, while advertising grew 18% to $452 million due to political revenue.
Charter Communications lost 110,000 residential and small business internet customers in the quarter, compared to 63,000 added last year. "We would have added internet customers in the third quarter, except for the impact of the end of the affordable connectivity program in June," CEO Chris Winfrey said on the earnings call.