After reporting a Q3 loss due to debt costs, CEO Neil Smit told investors on the earnings conference call that “we still have a lot of work to do,” according to Bloomberg News. Those sentiments didn’t sit well with Wall Street and the company’s shares slumped. They lasted traded at $2.24, down 2.6 percent. Nonetheless, UBS analyst Aryeh Bourkoff found plenty to like, noting that the the “fundamentals continue to improve” and that the revenue gain is a “clear sign of recovery as the early stages of the VoIP rollout progresses.”
The company’s net loss was $133 million, or 41 cents per share, compared with a profit of $75 million, or 24 cents per share, because of costs associated with debt repayments. Revenue jumped 9.7 percent to $1.38 billion.
Other highlights in the quarter included:
–The high-speed Internet service gained about 88,100 customers, telephone gained 82,000 and digital video jumped 49,400.
–About 37 percent of Charter’s customers subscribed to a bundled service package, up from 31 percent a year ago.
–Total average revenue per video customer rose 11.9 percent compared with a year earlier
–Charter added 1.2 million telephone homes passed and expects to pass between 6.5 million and 7 million by the end of the year.
–Revenue for video jumped 3 percent to $836 million, high speed Internet rose 20 percent to $267 million while the telephone service gained 311 percent to $37 million.
Earnings release | Conference Call (replay)
Subscriber content
?
Subscriber content comes from Gigaom Research, bridging the gap between breaking news and long-tail research. Visit any of our reports to learn more and subscribe.
Advertisement
Advertisement
Advertisement
Comments have been disabled for this post