:max_bytes(150000):strip_icc()/GettyImages-2021279925-d9ed597fd5a94b109e38394156520b9f.jpg "Charter Communications Gets Boost From Mobile Service Sales")
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Key Takeaways
- Mobile service demand helped boost earnings and revenue at Charter Communications.
- The company posted a 36.9% year-over-year increase in mobile service revenue, and internet service revenue also increased.
- Shares soared 17% soon after trading commenced Friday but remain lower on the year.
Charter Communications (CHTR) shares soared Friday after the cable, phone, and internet provider posted better-than-expected results on higher demand for its mobile service.
Charter reported second-quarter earnings per share (EPS) of $8.49, with revenue up less than 1% to $13.69 billion. Both beat consensus estimates of analysts polled by Visible Alpha.
Mobile Service Revenue Jumps 36.9% From Last Year
Revenue from its mobile service jumped 36.9% to $737 million. Internet service, the company’s biggest segment, posted a 1.3% revenue gain to $5.81 billion. However, revenue from its video service declined 7.7% to $3.87 billion, and it dropped 4.2% to $350 million for its voice service.
Charter noted that it now expects to reduce full-year capital expenditures to about $12 billion, down from its previous outlook of $12.2 billion to $12.4 billion. It said the change reflected “lower internet and video customer net additions.”
Shares of Charter Communications jumped about 17% to $368.44 as of 10:10 a.m. ET Friday but remain about 5% lower in 2024.