Charter Suffers Further Video Subs Losses
The MSO posted a net loss of US$107 million, or 98 cents per share, on revenues of $1.79 billion. That's grown from the net loss of $82 million, or 72 cents per share, reported in the year-ago quarter. Analysts polled by Thomson Reuters expected revenues of $1.81 billion.
Charter wasn't spared cable's typically weak second quarter as it lost 79,000 video subscribers, giving it a total of 4.17 million. It added 18,000 residential high-speed Internet and 6,600 residential phone subscribers in the quarter. Commercial services revenues jumped 17.5 percent to $141 million.
At the end of the quarter, Charter had upgraded 85 percent of its plant to Docsis 3.0, with switched digital video (SDV) built out to 68 percent. It expects to have both initiatives "essentially complete" by the end of 2011.
— Jeff Baumgartner, Site Editor, Light Reading Cable