Charter Communications earnings beat estimates, though revenue came in short as video customers pulled back from the service. The stock is falling.
Charter , which operates under the Spectrum brand, posted third-quarter earnings of $8.25 a share, surpassing the $8.06 per share analysts surveyed by FactSet expected. Revenue of $13.58 billion, however, came in below the $13.64 billion analysts had penciled in.Video division revenue was hit the hardest this quarter, down 8.
Charter customers saw Disney channels disappear from their Spectrum cable service early last month as the Walt Disney Company and Charter worked through a multiyear distribution agreement. Total video customers declined by 6% in the latest quarter versus a year ago partly due to cancellations related to the loss of Disney programming, the firm said.
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