(Reuters) – Charter Communications Inc said on Friday it added more internet subscribers than Wall Street analysts had projected for the third quarter, making up for a drop in video subscribers that was less severe than expected.
The company added 266,000 residential internet customers in the third quarter, above the consensus estimate of 234,000, according to research firm FactSet.
More and more subscribers are deserting pay TV bundles and switching to cheaper streaming services like Netflix and Amazon.com’s Prime video.
That has pushed companies including Charter and Comcast Corp to focus on their high-speed internet business as a strategy to survive in the rapidly changing media landscape.
Comcast beat Wall Street estimates for internet subscribers on Thursday by adding 363,000 subscribers during the quarter.
Charter reported a loss of 66,000 residential video customers in the quarter, well below the 104,000 it lost last year. Analysts had forecast a loss of 85,000 video subscribers.
Net income attributable to shareholders was $493 million, or $2.11 cents per share, in the quarter ended Sept. 30, compared with $48 million, or 19 cents per share, a year earlier.
Total revenue rose 4.1 percent to $10.89 billion from $10.46 billion. Analysts had expected the company to report revenue of $10.94 billion, according to Refinitiv data.
Reporting by Saumyadeb Chakrabarty