• by Wayne Friedman , October 30, 2020

Video revenue sank 3.2% to $4.2 billion due to customer credits, resulting from less sports programming during the COVID-19 pandemic.

Charter had more business from lower-priced video packages within its video customer base, and lower pay-per-view and video-on-demand revenue.

Charter had a net gain of 67,000 subscribers versus an increase of 94,000 in the third quarter of 2019. Total video subscribers stand at 16.2 million.

Charter’s broadband and internet business continued to see strong results, with revenue 13% higher to $4.7 billion. It added 537,000 new customers in the period -- down from 850,000 in the third quarter of 2019. Total subscribers are now at 28.6 million.

Overall Charter revenue grew 5.1% to $12.0 billion, due to internet, mobile and advertising sales. Net income attributable to the company more than doubled to $814 million from $387 million.

Local cable advertising was up 17% to $460 million -- with big additions from political marketers resulting from this year’s election season. In addition, advertising was boosted by shifted schedules for multiple sports leagues and events in the period.

Charter also says it continues to see “lower local and national sales” -- which are recovering from the effects of the pandemic.

Mobile revenue nearly doubled -- up 92% to $368 million. Landline voice revenue, heading downward, lost 6% to $449 million.

Charter’s stock was up 4.3% in early morning Friday trading to $601.41.