July 31, 2018 / 11:22 AM / 3 months ago

UPDATE 1-Charter profit beats on internet subscriber gains

(Adds details on subscribers, shares)

July 31 (Reuters) - Charter Communications Inc on Tuesday topped analysts' estimates for quarterly profit as the cable operator lost fewer-than-expected video subscribers, while signing up more customers for its internet services.

Charter added 218,000 residential internet customers in the second quarter, higher than the 185,000 estimated by research firm FactSet.

Cable-TV customers have been increasingly cutting the cord for cheaper online alternatives from Netflix Inc and Amazon.com Inc's Prime Video, pushing companies such as Charter and Comcast Corp to focus on their broadband businesses.

On Tuesday, Charter reported a loss of 73,000 residential video customers in the quarter, fewer than the 91,000 it had lost in the prior year period. Analysts had expected a loss of 108,000 video subscribers.

Net income attributable to shareholders rose to $273 million, or $1.15 per share, for the quarter ended June 30 from $139 million, or 52 cents per share, a year earlier.

Analysts on average expected the company to report earnings of 99 cents per share, according to Thomson Reuters I/B/E/S.

Total revenue rose to $10.85 billion from $10.36 billion, beating expectations of $10.83 billion.

Shares of the Stamford, Connecticut-based company rose marginally in pre-market trading on Tuesday. (Reporting by Shariq Khan and Vibhuti Sharma in Bengaluru; Editing by Anil D'Silva)

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