Charter revenue grows 4% despite adding 266K Internet users

Charter Communications said on Friday that the company added 266,000 residential internet customers in the third quarter.
More and more subscribers are deserting pay TV bundles and switching to cheaper streaming services like Netflix and Amazon.com’s Prime video.

That has pushed companies including Charter and Comcast to focus on high-speed internet business as a strategy to survive in the changing media landscape.

Comcast on Thursday said it added 363,000 internet subscribers during the quarter.

Charter reported a loss of 66,000 residential video customers in the quarter, well below the 104,000 it lost last year.

Net income of Charter was $493 million in the quarter ended Sept. 30, compared with $48 million, or 19 cents per share, a year earlier. Charter’s revenue rose 4.1 percent to $10.89 billion from $10.46 billion.