Charter trims video subscriber losses to 73,000 in Q2

Charter Communications on Tuesday announced its second-quarter earnings, including 73,000 lost video subscribers, which is both a quarterly and annual improvement.

In the second quarter of 2017, Charter lost 91,000 video subscribers and last quarter, the company gave back 112,000 video subscribers.

The company also added 16,000 small and medium business video subscribers during the quarter. Total residential and SMB video, internet and voice customers increased by 202,000, as compared to 246,000 during the second quarter of 2017.

"Over the last two years, we have invested significantly to quickly integrate and unify the operating strategies of three large cable operators. While that process is disruptive, it has allowed us to position our residential and commercial businesses for long term growth and success, which is beginning to show in our operating results," said Tom Rutledge, chairman and CEO of Charter Communications, in a statement. "By the end of this year our integration will be nearly complete, and we will be operating as one company, with a unified product, marketing, and service infrastructure, which will allow us to accelerate growth and innovate faster."

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Charter’s second-quarter revenues rose 4.8% year over year to $10.9 billion, thanks to growth in internet, video, commercial and advertising revenues.

Video revenues totaled $4.4 billion in the second quarter, up 5.9% year over year thanks to annual rate adjustments, promotional rolloff and a higher number of expanded basic video customers year over year. The company said it also saw higher bundled revenue allocation due to the launch of Spectrum pricing and packaging in Legacy TWC and Legacy Bright House footprints.

Internet revenues rose 7.3% to $3.8 billion on the back of promotional rolloff and bundled revenue allocation relating to the launch of Spectrum pricing and packaging in Legacy TWC and Legacy Bright House.

Second-quarter adjusted EBITDA grew 5.3% to $4.1 billion and Charter said that, excluding mobile costs of $33 million in the second quarter of 2018, adjusted EBITDA grew by 6.2% year over year.