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Charter loses more broadband users in Q2 as competition heats up
Charter Communications (CHTR) stock fell 10% premarket Friday after reporting a higher-than-expected fall in broadband subscribers in the second quarter.
The cable giant grappled with competition from wireless carriers that are bundling high-speed internet services with 5G mobile plans.
Charter's internet customers decreased by 117,000 in the April-June period, compared with a 60,000 losses in the prior quarter. Analysts had expected it to shed 73,240 customers, according to Visible Alpha.
Traditional telecom carriers such as AT&T (T) and Verizon (VZ) are rapidly building out their fiber networks to package internet with wireless plans at a discount, which is appealing to high-value customers in urban and suburban markets.
AT&T (T) has been aggressively expanding its fiber build and aims to reach more than 60 million fiber locations by the end of 2030, powered by the acquisition of Lumen's mass markets fiber business.