Charter Communications Reports Strong Q2 FY24 Earnings, Stock Surges 10% for Best Day in Five Years

Jul 26, 2024, 11:54 AM

Charter Communications reported strong financial results for Q2 FY24, with earnings per share (EPS) of $8.49, surpassing estimates of $7.99. The company's revenue reached $13.69 billion, also exceeding expectations of $13.59 billion. Net income attributable to Charter shareholders totaled $1.2 billion, and adjusted EBITDA grew by 2.6% year-over-year to $5.7 billion. Despite these positive financial metrics, Charter experienced a loss of 154,000 residential internet customers, contributing to a 0.7% year-over-year decline in broadband customer counts. The decrease in customers led to lower capital expenditures, which totaled $2.9 billion for the quarter. Charter also increased its free cash flow by 94%. Charter's stock surged by 10% in premarket trading and is on pace for its best day in five years.