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Cable company

Charter Communications

(CHTR) - Get Charter Communications, Inc. Class A Report

was gaining almost 12% in early trading after the company beat first-quarter estimates by a substantial margin on solid digital cable subscriber growth.

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The company posted a loss of $174.9 million, or 59 cents a share, compared with a loss of $280.7 million, or $1.20 a share, in the year-ago period. Analysts polled by Thomson Financial/First Call had been expecting the company to lose 67 cents a share.

Revenue for the quarter was up 13% to $1.1 billion from $953 million a year ago.

The company said its digital cable subscriber base grew 40% faster than last year, with customers totaling more than 2 million, or one-third of the company's total cable subscribers.

Looking ahead, the company forecast second-quarter revenue of $1.145 billion to $1.155 billion, ahead of Thomson Financial/First Call estimates of $1.131 billion. For the full year, the company sees revenue of $4.6 billion to $4.7 billion, in line with analyst estimates of $4.630 billion. The company expects operating cash flow for the year to be $2.035 billion to $2.07 billion.

Shares of Charter Communications were recently up 11.5% to $8.60 in Instinet trading after closing at $7.71 Friday.