Charter Communications Inc. CHTR, -8.78% exceeded profit expectations for its first quarter while pointing to growth in residential and mobile revenue. Charter posted net income of $1.2 billion, or $6.90 a share, up from $807 million, or $4.11 a share, in the year-prior quarter. The FactSet consensus was for $6.54 per share in earnings. Revenue rose to $13.2 billion from $12.5 billion, which Charter largely attributed to expansion in residential, mobile, and commercial revenue. Analysts tracked by FactSet were expecting $13.2 billion in revenue. The company saw its total residential and small- and medium-sized business customer relationships grow by 129,000 in the first quarter. The company added 373,000 mobile lines in the quarter among residential and small- and medium-sized business customers. “We continue to grow our business by offering superior converged connectivity products,” Chief Executive Tom Rutledge said in a release. Charter shares have lost 22% over the past three months as the S&P 500 [S: SPX] has slipped about 3%.
High inflation, the Russia-Ukraine war, and Covid lockdowns in China have weighed heavily on the market.
Emily Bary is a MarketWatch reporter based in New York.
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