Charter Communications Inc. shares tumbled after the company reported it lost more internet customers than expected during the second quarter amid increased pressure from mobile companies’ 5G and fiber home internet offerings.
The Connecticut-based pay-TV and broadband provider lost 111,000 residential high-speed internet customers in the period ended June 30, the company said in a statementBloomberg Terminal on Friday. Analysts had predicted losses of 73,250. The company also continued shedding video customers, losing 73,000, though that was fewer than Wall Street expected and an improvement from the year-earlier period.