Charter Communications reported Q1 revenue of $13.7 billion, up by 0.2% year-over-year, driven by residential mobile service revenue growth of 37.8% and residential Internet revenue growth of 1.9%.
Some highlights
- As of March 31, 2024, Charter had 29.8 million residential customer relationships, excluding mobile-only relationships.
- First quarter residential Internet customers decreased by 72,000, compared to an increase of 67,000 during the first quarter of 2023.
- Residential video customers decreased by 392,000 in the first quarter of 2024, compared to a decline of 237,000 in the first quarter of 2023.
- As of March 31, 2024, Charter had 13.1 million residential video customers.
- In October 2023, Charter began deploying Xumo Stream Boxes to video customers. The Xumo Stream Box combines a live TV experience with access to hundreds of the most popular direct-to-consumer TV applications, and features unified search and discovery along with a curated content offering based on the customer's interests and subscriptions.
- During the first quarter, Charter launched two new value-oriented Internet-delivered streaming TV packages, Spectrum TV® Stream and Spectrum Stream Latino, for Spectrum Internet customers. Spectrum TV Stream features many of the most popular news and entertainment networks, and Spectrum Stream Latino adds another option for Hispanic audiences to take advantage of Charter's robust programming lineup.
- During the first quarter of 2024, residential wireline voice customers declined by 274,000, compared to a decline of 224,000 in the first quarter of 2023. As of March 31, 2024, Charter had 6.4 million residential wireline voice customers.
- During the first quarter of 2024, Charter added 473,000 residential mobile lines, compared to growth of 666,000 during the first quarter of 2023.
- First quarter 2024 monthly residential revenue per residential customer totaled $120.48, and decreased by 0.1% compared to the prior year period, given a lower mix of video customer relationships and a higher mix of lower priced video packages within Charter's video customer base, mostly offset by promotional rate step-ups, rate adjustments and the growth of Spectrum Mobile.
- SMB customer relationships decreased by 3,000 in the first quarter of 2024, while first quarter 2023 SMB customer relationships grew by 8,000.
- Enterprise PSUs grew by 5,000 in the first quarter of 2024 versus 4,000 added in the first quarter of 2023.
- Charter continues to work with federal, state and local governments to bring Spectrum Internet to unserved and underserved communities. During the first quarter of 2024, Charter activated 73,000 subsidized rural passings. Within Charter's subsidized rural footprint, total residential and SMB customer relationships increased by 35,000 in the first quarter of 2024.
https://ir.charter.com/events-and-webcasts
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