Charter Communications (CHTR) shares fell in early Friday trading after the cable and communications company reported second-quarter results that came in below expectations.
The Stamford, Conn.-based company said it earned $1.39 per diluted share in the quarter, up from $1.15 in the same period last year but below the Capital IQ consensus for $1.84. Revenue rose to $11.38 billion from $10.85 billion, but missed the Street’s expectation for $11.4 billion.
Charter shares were down nearly 4.3% in early trading.
Charter said it added 203,000 residential and small- and medium-sized business customers, up from 198,000 last year. It gained one million customers from last year to reach 28.7 million.
The company reported residential and SMB internet additions of 258,000, video net losses of 141,000 and net losses of 182,000 for wireless voice services. Meanwhile, it added 208,000 mobile lines in the second quarter, up from 176,000 net additions from the first quarter. The company had 518,000 mobile lines at the end of the second quarter.
“We are realizing the benefits of consolidating three large cable operators under one centrlied operating strategy, with lower customer churn, fewer service transactions per customer and improving customer satisfaction resulting in growth of over one million customer relationships year-over-year,” said Chief Executive Tom Rutledge.