(Bloomberg) -- Charter Communications Inc. shares jumped in premarket trading after the cable and wireless company reported revenue that beat analysts’ estimates, boosted by a surge in residential mobile service.
Sales increased to $13.7 billion, the company said in a statement Friday, beating the $13.6 billion average of analysts’ projections. Growth was driven by a 37% increase in residential mobile service revenue and a 1.3% increase in residential internet revenue, the company said. Net income was $1.2 billion.
The shares were up 7.7% in early trading in New York to $339.40.
Charter also posted losses of 149,000 broadband subscribers, which was lower than the 230,000 analysts expected on average. The figure suggests that the end of the Affordable Connectivity Program, an internet discount program for low-income households that concluded June 1, had less of an impact on broadband customers than previously expected, according to Bloomberg Intelligence analysts Geetha Ranganathan and Kevin Near.
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