{"id":6180,"date":"2023-10-27T23:28:35","date_gmt":"2023-10-27T23:28:35","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/charter-raises-expenses-forecast-as-it-expands-into-rural-america\/"},"modified":"2023-10-27T23:28:35","modified_gmt":"2023-10-27T23:28:35","slug":"charter-raises-expenses-forecast-as-it-expands-into-rural-america","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6180","title":{"rendered":"Charter raises expenses forecast as it expands into rural America"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A Charter Communications company service van is pictured in Pasadena, California U.S., January 26, 2017. REUTERS\/Mario Anzuoni\/File Photo<\/span>
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(Reuters) -Charter Communications raised its annual expenses forecast on Friday and missed estimates for quarterly broadband customer additions, as it grappled with network expansion costs and tough competition in a saturated market.<\/p>\n

Shares of the company fell nearly 5% in early trading. <\/p>\n

Charter has been dealing with intense competition for broadband and wireless mobile customers, while its traditional television-focused business has suffered due to cord-cutting.<\/p>\n

That has forced the company to turn to rural areas in search of subscriber and earnings growth – a move analysts say will drive up costs before paying off in the long term.<\/p>\n

Charter now expects annual expenses, excluding line extensions, to be about $7.2 billion, compared with its prior forecast of between $6.5 billion and $6.8 billion.<\/p>\n

Free cash flow fell 27.2% to $1.1 billion in the quarter as a result of network expansion costs. Analysts had estimated $1.19 billion, according to Visible Alpha. <\/p>\n

Charter added 63,000 internet customers in the quarter, lower than a 77,510 increase estimated by Visible Alpha. <\/p>\n

About 15,000 internet disconnections were driven by the temporary loss of ESPN, finance chief Jessica Fischer said. <\/p>\n

The company was embroiled in a dispute with Walt Disney <\/span><\/span> (NYSE:) earlier this year, with ESPN, FX and other channels from the House of Mickey Mouse disappearing from its service on Aug. 31 following a dispute over channel fees and how to package them. <\/p>\n

The companies finally reached an agreement just hours before the start of NFL “Monday Night Football” on Sept. 11.<\/p>\n

Video revenue fell 8.6% as Charter lost 327,000 video subscribers, of which roughly 100,000 disconnects were caused by the Disney dispute, Fischer said.<\/p>\n

Rival Comcast (NASDAQ:) on Thursday forecast higher broadband losses after the number of customers unexpectedly declined in the third quarter. <\/p>\n

Charter’s revenue ticked up 0.2% to $13.58 billion, missing estimates of $13.63 billion, according to LSEG data. But adjusted profit of $8.25 per share beat estimates of $7.94.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A Charter Communications company service van is pictured in Pasadena, California U.S., January 26, 2017. REUTERS\/Mario Anzuoni\/File Photo…<\/p>\n","protected":false},"author":1,"featured_media":6181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-6180","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"\nCharter raises expenses forecast as it expands into rural America | inFundPros<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: A Charter Communications company service van is pictured in Pasadena, California U.S., January 26, 2017. 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