Charter Communications Q1 results come up short of expectations

Charter Communications Inc. CHTR, +3.83% reported first-quarter results that came up short of expectations, as the COVID-19 pandemic led to advertising cancellations and higher customer service costs. Net cinome rose to $396 million, or $1.86 a share, from $253 million, or $1.11 a sahre, in the year-ago period. The FactSet consensus for earnings per share was $2.61. Revenue rose 4.8% to $11.74 billion, but was just below the FactSet consensus of $11.78 billion. Video revenue grew 0.9% to $4.42 billion to miss expectations of $4.45 billion and internet revenue rose 9.5% to $4.41 billion but was below expectations of $4.44 billion. The company added 290,000 Spectrum Mobile lines during the quarter. Charter said it spent $2.6 billion on share repurchases during the quarter. The stock, which was still inactive in premarket trading, has slipped 4.3% over the past three months, while the S&P 500 SPX, -1.76% has declined 9.7%.