Charter hit by broadband and TV losses

US cable giant Charter Communications saw its stock hit after it lost more than expected broadband customers in the first quarter, as well as a large number of pay TV customers.

Internet customers decreased by 72,000. As of March 31, Charter served a total of 30.5 million residential and small and medium business Internet customers.

The broadband losses compare with a gain of 67,000 for the same period last year.

In yet another sign of accelerated cord cutting, Charter lost residential 392,000 video customers, compared with a loss of 237,000 for the same period last year.

The company now has 13.1 million residential video customers and 28.5 million residential broadband customers.

Charter did add 473,000 mobile lines in the quarter, but this was less than the 666,000 added in the same period last year.

The company turned in revenues of US13.7 billion for the quarter, up just 0.2%, with video revenues down 8,.1% to US$3.9 billion.

First quarter Adjusted EBITDA of $5.5 billion grew by 2.8% year-over-year, reflecting growth in revenue of 0.2% and a decrease in operating expenses of 1.5%.

“Our differentiated converged connectivity products provide us with significant competitive advantages that position Charter for sustainable customer and financial growth,” said Chris Winfrey, president and CEO of Charter.