Charter Communications (CHTR, Financial) saw its stock surge over 13%, reaching $371.01, following the release of its third-quarter earnings report. The company's earnings per share (EPS) and revenue surpassed analysts' expectations, with quarterly revenue growing 1.6% year-over-year to $13.8 billion, exceeding the anticipated $13.7 billion. EPS was reported at $8.82, above the forecasted $8.67.
In detail, Charter's residential revenue slightly increased by 0.3% to $10.77 billion, while mobile services experienced a significant growth of approximately 38%. This growth helped offset declines in video and voice services. Business sales rose by 2% to $1.82 billion, and advertising revenue, bolstered by political advertising, climbed 18% to $452 million.
During the quarter, the company lost 110,000 residential and small to medium-sized business internet customers, compared to a gain of 63,000 customers in the previous year. The CEO, Chris Winfrey, noted that the internet customer numbers would have increased if not for the impact of the Affordable Connectivity Program's conclusion in June.
