Charter Communications Inc. reported mixed second-quarter results, with basic-subscriber losses slowing down in the period but slowed momentum in digital and high-speed-data additions.
Charter reported basic-subscriber losses of 41,700 in the period, down from the 58,800 the St. Louis-based MSO lost in the same period last year. Digital subscribers declined by 9,000 in the period compared with a loss of 7,200 a year ago, and high-speed-Internet additions were 43,800 in the second quarter, down from a gain of 58,400 in the same period last year.
Chief operating officer Mike Lovett attributed the digital losses to customers who were rolling off earlier deep-discount promotions.
Charter has been migrating deep-discount customers to its current rate card, Lovett said, adding that the “second quarter was the last wave of that impact.”
Revenue increased 7% in the period to $1.3 billion and cash flow rose 3.7% to $498 million.
Interim president and CEO Robert May said the search for a permanent CEO, chief financial officer and the newly created position of chief marketing officer continues, but he declined to say when those hires would be made.
“We’re especially pleased with the caliber of individuals we’re considering for these open positions,” he added.
Charter stock was down 5 cents per share to $1.28 each in afternoon trading Tuesday.