Charter Communications Declines Following Earnings Miss
AP
Charter Communications (CHTR) - Get Report shares were falling in premarket trading Friday after the cable and communications provider reported second-quarter results below analysts' expectations.
The Stamford, Conn.-based company reported a profit of $314 million, or $1.39 a share, vs. profit of $273 million, or $1.15 a share, a year ago. Revenue rose 4.5% to $11.347 billion.
Analysts, however, were expecting Charter to report earnings of $1.81 a share on revenue of $11.383 billion.
"We are realizing the benefits of consolidating three large cable operators under one centralized operating strategy, with lower customer churn, fewer service transactions per customer and improving customer satisfaction resulting in growth of over 1 million customer relationships year-over-year," said CEO Tom Rutledge.
The company reported video net losses of 141,000 and wireline voice net losses of 82,000.
The stock fell 3.32% in premarket trading to $392.03.
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