Cable and broadband giant Charter Communications has seen its losses of pay TV customers quicken as it reported its first-quarter results on Friday.
The company, led by president and CEO Chris Winfrey, shed 392,000 residential video customers during the latest quarter, which compared to a year-earlier decline of 237,000 subscribers. Charter had 13.1 million pay-TV subscribers at the end of March 31, 2024 after the company introduced its Xumo streaming platform joint venture involving Comcast to stem the loss of video customers amid continuing cable cord-cutting in the U.S. market.
First-quarter revenue at Charter was virtually unchanged at $13.67 billion, compared with a year-earlier $13.65 billion, which met analyst expectations for the latest quarter. Net income attributable to Charter shareholders rose 8.4 percent to $1.1 billion, or $7.75 per share, compared with $6.65 in earnings per share in the first quarter of 2023.
Overall, Charter, in which John Malone’s Liberty Broadband has a big stake, had 29.8 million residential customers taking its Internet, mobile phone, video and other products at the end of the first quarter.
The company lost 72,000 residential internet customers during the first quarter, which compared to a loss of 67,000 internet customers in the year-ago period, while Charter added 473,000 residential mobile lines, down from signing up 666,000 customers in the same period of last year.