• by Wayne Friedman , April 28, 2023

Despite losing 241,000 video customers and a slowdown in subscriber growth, Charter Communications stock spiked 6% on Friday to $363.60 on the news of an increase in residential revenue.

Quarterly revenues were up 3.4% to $13.7 billion overall, with residential growth rising 2.5% to $10.8 billion.

Broadband revenue climbed nearly 5% to $5.7 billion, with video revenue down 2.1% to $4.2 billion -- the latter driven by a mix of lower-priced video packages.

Video subscribers dropped 5.5% in the period to 14.3 million, while broadband customers were virtually flat -- up a scant 0.6% to 28.5 million.

One key area for Charter is mobile service sales -- rising a sharp 28% to $497 million.

In addition, the company's “Other” revenue -- which include mobile-device sales -- were sharply higher: 34% to $683 million.

There was also 2.4% growth in commercial revenue.

Advertising revenue for Charter suffered -- down 7.2% to $355 million -- due to comparisons to the year-ago period, with its higher political advertising revenue. Taking out political revenue, Charter's advertising still declined 2.1% year-over-year.

Charter noted that it did have higher “advanced advertising revenue.”