By Dave Sebastian
Charter Communications Inc. said its profit rose for the first quarter, driven by growth in internet and mobile revenues.
The broadband company on Friday posted net income attributable to shareholders of $807 million, compared with $396 million in the year-ago period. Earnings were $4.11 a share, compared with $1.86 a share in the prior year.
Revenue rose 6.7% to $12.52 billion. Analysts polled by FactSet were expecting $12.5 billion. Excluding advertising revenue, which benefited from political spending in the first quarter a year ago, revenue grew 7.1%, the company said.
Internet revenue rose more than 15% as the company added customers, it said. Video revenue fell 1.8% due to a higher mix of lower priced video packages within its video customer base, the company said. Voice revenue fell almost 13% due to a decline in wireline voice customers over the last 12 months.
Residential revenue rose 5.8%, commercial revenue rose 2% and mobile revenue gained nearly 91%. Advertising sales revenue fell 5.8%.
Residential and small and medium business customers rose by 355,000 during the quarter, the company said. Charter served 29.2 million residential and small and medium business customers as of March 31, with two million internet customers added over the last 12 months.
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(END) Dow Jones Newswires
April 30, 2021 07:33 ET (11:33 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.