Charter Communications beat revenues and earnings estimates for its second-quarter results -- which sent its stock sharply higher on Tuesday -- although key video subscribers continue to drift lower.
Charter's revenues were 4.8% higher to $10.9 billion; net income more than doubled to $273 million. Charter stock was up 5% to $309.23 in mid-Tuesday morning trading.
Overall revenues increased, due to growth in internet, video, commercial and advertising revenues.
While Charter's video subscribers had a net loss of 73,000 -- giving the company a total of 16.2 million in the period -- revenues grew 5.9% to $4.4 billion. In the second quarter 2017, Charter had a net loss of 91,000.
Internet revenues grew 7.3% to $3.8 billion, with a net addition of 218,000 customers, totaling 23 million. Charter's voice business lost 45,000 customers to total 10.3 million. Revenue was down 18% to $531 million.
Charter says the average residential revenue per customer grew 2% to $111.88 per month, with total revenue per customer 3.3% more to $27.6 million.
Advertising revenue was 12% higher to $427 million, and commercial revenue was 4.4% greater to $1.5 billion.