Charter Communications has announced its key achievements for the second quarter of 2024.
Here are the highlights:
Customer Base and Changes:
Residential Customers: 29.6 million.
Internet Customers: Decreased by 154,000, largely due to the end of the FCC’s Affordable Connectivity Program (ACP) subsidies. This contrasts with an increase of 70,000 in the same quarter last year.
Video Customers: Declined by 393,000, compared to a decline of 189,000 last year, leaving a total of 12.7 million residential video customers.
Wireline Voice Customers: Decreased by 268,000, compared to a decline of 225,000 last year, totaling 6.2 million residential wireline voice customers.
Mobile Lines: Added 539,000 new lines, compared to 628,000 last year.
Internet and Mobile Services:
Spectrum Internet: Promoted as delivering the fastest speeds in the U.S., with ongoing network evolution to offer symmetrical and multi-gigabit speeds at a lower cost than competitors.
Advanced WiFi: Managed WiFi service providing optimized home networks, enhanced security, and privacy, available to all Spectrum Internet customers.
Spectrum Mobile: Offers 5G access, no contracts, and includes taxes and fees in the price, available to all new and existing Spectrum Internet customers.
New Initiatives:
Anytime Upgrade: Launched in April, included in the Spectrum Mobile Unlimited Plus plan, allowing customers to upgrade phones without waiting or meeting conditions.
Phone Balance Buyout Program: Launched in May, aiding customers to switch to Spectrum Mobile by paying off their existing phone balance up to $2,500 and offering potential annual savings.
Financial Performance:
Revenue: Increased by 0.2 percent to $13.7 billion, driven by growth in residential mobile service, Internet, and enterprise revenues.
Residential Revenue: Totaled $10.8 billion, a decrease of 0.6 percent.
Internet Revenue: Grew by 1.3 percent to $5.8 billion.
Video Revenue: Declined by 7.7 percent to $3.9 billion.
Voice Revenue: Decreased by 4.2 percent to $350 million.
Mobile Service Revenue: Increased by 36.9 percent to $737 million.
Commercial Revenue: Increased by 2.1 percent to $1.8 billion.
Capital Expenditures:
Totaled $2.9 billion, an increase of $19 million compared to the second quarter of 2023.
Line Extensions: $1.1 billion, driven by subsidized rural construction and network expansion.
Excluding Line Extensions: $1.7 billion, a decrease of $18 million.
Full year 2024 capital expenditures are expected to total approximately $12.0 billion, reflecting lower net additions of Internet and video customers, including the impact of the end of the ACP.
Charter’s efforts continue to focus on expanding and improving its network while introducing new services and initiatives aimed at enhancing customer experience and satisfaction.
“We are executing well on several transformational initiatives, growing EBITDA through efficiencies, and improving our service and sales capabilities,” said Chris Winfrey, President and CEO of Charter.
Baburajan Kizhakedath
