Charter Communications once again bucked the trend of video customer declines in the pandemic era, adding 67,000 video customers in Q3, on top of another strong showing for broadband, which added 537,000 subscribers in the period.
While the broadband additions were not as strong as the 850,000 additions in Q2, they were well above the previous year’s mark of 380,000 additions. Charter added video customers for the second straight quarter. In Q2, the company added 102,000 residential video customers, while losing 8,000 business video subscribers. In Q3, Charter gained 53,000 residential video subs and 14,000 business video customers.
The gains helped drive overall revenue up 5.1% to $12 billion and EBITDA up 13.6% to $4.6 billion.
"Our long-term strategy of growing customer relationships by delivering high-quality products and service remains on track," Charter chairman and CEO Tom Rutledge said in a press release. "We've added two million customer relationships in the past year and remain focused on executing a proven operating and investment strategy that works for customers, employees and the communities we serve, creating shareholder value for the long term.”
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Mike Farrell is senior content producer, finance for Multichannel News/B+C, covering finance, operations and M&A at cable operators and networks across the industry. He joined Multichannel News in September 1998 and has written about major deals and top players in the business ever since. He also writes the On The Money blog, offering deeper dives into a wide variety of topics including, retransmission consent, regional sports networks,and streaming video. In 2015 he won the Jesse H. Neal Award for Best Profile, an in-depth look at the Syfy Network’s Sharknado franchise and its impact on the industry.
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