In its latest quarterly earnings report, Charter Communications said it lost 145,000 cable TV subscribers, more than double the 71,000 who cut the cord in the same quarter a year ago. Broadband subscription growth slowed as well, with the company reporting a gain of 105,000 in combined residential and business subscribers, down from 172,000 in new subscribers a year ago.
Overall net income was $1.2 billion, 26% lower than the $1.6 billion, reported for the same period a year ago. Revenue was up with $13.7 billion, an increase of 3.5%, while net income was $1.2 billion, a 26% drop from the $1.6 billion logged in the same quarter a year ago. Revenues for its video division fell to $4.3 billion, down 3.5% compared to a year ago while internet subscription revenues were $5.6 billion, an increase of 3.9%.
A big initiative during the quarter was the launch of Spectrum One, which bundled Charter’s Spectrum Internet, Advanced WiFi and Unlimited Spectrum Mobile services. The company reported a healthy growth of 615,000 new mobile lines, compared to 380,000 added a year ago. Mobile revenue totaled $876 million, an increase of 38.7% year-over-year, driven by mobile line growth, according to Charter.
Programming costs decreased by $95 million, down 3.3% compared to a year ago, a reflection the company says of fewer video customers and existing video subscribers opting for lower cost bundles, the company said.
Despite the disappointing results, CEO Chris Winfrey was optimistic about the next 12 months.
"We continued to execute well in 2022, growing customer relationships, revenue and EBITDA," he said. "In 2023 and the coming years, we remain focused on three core initiatives — network evolution, footprint expansion and operational execution. Each of these initiatives will deliver benefits for a growing base of customers, our employees and local communities, with long-term value creation for our shareholders."
