Strong Q3 For CharterVideo Sub Losses Improve 11/05/2013 8:51 AM Eastern
Charter Communications cut its basic video subscriber losses by more than 60% in the third quarter, a sign that its product repackaging and customer service initiatives are working.
Charter lost about 27,000 basic video customers in the period, a big improvement over the 71,000 shed in the prior year. The Stamford, Conn.-based cable operator also added about 86,000 high-speed data customers and 41,000 voice customers.
The improved customer metrics also helped drive financial results. Revenue increased 5.4% to $2.1 billion and cash flow rose 5.3% in the period.
"We continue to execute well on our strategic objectives, and that’s evidenced in the solid revenue and Adjusted EBITDA growth we delivered in the third quarter," Charter CEO Tom Rutledge said in a statement. "We’ve greatly improved the competitiveness of our product offering and the value we deliver to customers, which is driving growth in both our residential and commercial businesses. We are backing up our product with substantially improved service levels, an area where we will continue to invest to drive even better quality. As we head into 2014, we believe Charter is in an increasingly strong position to grow both its market share and cash flow as we accelerate our all-digital program, begin to roll out new products and take full advantage of our superior network."