Charter Communications Loss Narrows
Shares of
Charter Communications
(CHTR) - Get Report
rose Monday after the company topped analysts' revenue targets for the first quarter.
The St. Louis-based cable operator said its first-quarter loss shrank to $358 million, or 97 cents a share. Those numbers compare with a year-ago loss of $381 million, or $1.04 a share. Still, that fell well short of Wall Street's expectation for a loss of 75 cents.
However, sales for the quarter rose 10.5% on a pro forma basis from a year ago to $1.56 billion, slightly above analysts expectations of $1.55 billion, according to Thomson Reuters.
Shares of Charter were up 2.5% in early trading.
Charter said that revenue generating units rose 7% from a year ago with 302,300 net additions in the quarter. The company also said average revenue per subscriber, or ARPU, jumped 13.4% to $100.14, which Charter said was due to an increase in its bundled services.
Charter's earnings came shortly after rival
Comcast
(CMCSA) - Get Report
reported better-than-expected top-line results, while
Cablevision
(CVC)
disappointed investors with its first-quarter loss.