D.C. Memo: Charter Lost 149,000 Broadband Subs in Q2

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Wall Street: Charter Communications on Friday said it lost 149,000 broadband subscribers in the second quarter, a big drop from the prior quarter. In the first quarter, Charter lost 72,000 subs. On Tuesday, Comcast said it lost 120,000 broadband subs in Q2. As of June 30, 2024, Charter served a total of 30.4 million residential and business (SMB) Internet customers. On the positive side, Charter added 557,000 residential and SMB mobile lines to end the quarter with a total of 8.8 million mobile lines. Second quarter revenue of $13.7 billion grew by 0.2% year-over-year. Net income was $1.2 billion in the second quarter. Second quarter Adjusted EBITDA of $5.7 billion grew by 2.6% year-over-year. Second quarter capital expenditures totaled $2.9 billion and included $1.1 billion of line extensions. During the second quarter, Charter spent $404 million to buy back 1.5 million shares Class A common shares. "We are executing well on several transformational initiatives, growing EBITDA through efficiencies, and improving our service and sales capabilities," Chris Winfrey, President and CEO of Charter, said in a statement. "We remain fully focused on driving customer growth, with a unique, high quality product set that continues to evolve, creating long term value for shareholders." Winfrey will hold a call with Wall Street analysts at 8:30 a.m. today.