Overview
- Charter disclosed Friday that it lost 172,000 broadband customers in Q2 while adding 406,000 mobile subscribers and narrowing TV losses to 21,000.
- The company posted about $13.5 billion in revenue and roughly $1.29 billion in net income for the quarter, with internet and TV revenue both down year over year.
- Investors reacted negatively to the steeper broadband losses and sent Charter shares lower in premarket trading after the results were released.
- CEO Chris Winfrey said the firm will use product bundling and added streaming apps in Spectrum packages to reduce churn and expects $800 million to $1 billion in synergies from the planned Cox deal.
- The report highlights broader pressure on cable from fixed wireless, fiber and wireless-broadband bundles, a trend that could keep broadband churn high unless scale or pricing changes slow competitors' promotions.