By Matt Grossman
Charter Communications Inc. Friday posted a rise in its third-quarter profit as it added a greater number of internet and mobile-phone customers and as advertising spending increased with a boost from political campaigns.
The Stamford, Conn.-based cable-TV and internet provider logged a third-quarter profit of $814 million, or $3.90 a share, compared with a profit of $387 million, or $1.74 a share, in the same three-month period a year earlier.
Analysts surveyed by FactSet were expecting a profit of $3.18 a share.
Revenue was $12.04 billion, up from $11.45 billion in the same three-month period a year earlier. Analysts had forecast revenue of $12.07 billion.
Residential-customer revenue grew by 4% to $9.4 billion as the company gained new internet customers and stepped others up from introductory rates. The gains more than offset expenses from credits as Charter set aside money to reimburse sports-network subscribers for canceled games during the pandemic.
Advertising sales increased by 17% year-over-year as political campaigns booked more spots ahead of next month's elections. Ad revenue declined by 11% excluding political buyers.
Residential and small- and medium-business internet customers increased by 537,000 in the quarter, compared with 380,000 in the year-earlier period. Charter added 363,000 new mobile lines, compared with 276,000 in the same period a year earlier.
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(END) Dow Jones Newswires
October 30, 2020 07:54 ET (11:54 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.