Charter Broadband Losses Better Than Expected
The company said it would have reported positive gains if not for ACP impact.
WASHINGTON, Nov. 1, 2024 – Charter would have returned to net broadband subscriber growth in the third quarter if not for the shut down of the Affordable Connectivity Program, executives said Friday.
“Were it not for the impact of the end of the ACP program in June, we would have grown our internet customers in the third quarter,” Charter CEO Chris Winfrey said on the company’s earnings call.
Charter saw a net loss of 113,000 broadband subscribers in the quarter, but CFO Jessica Fischer said the company estimated 200,000 total losses as a result of the ACP ending. More than half of those were from nonpayments, with the rest being mostly voluntary disconnections.
Like other cable companies, Charter had been losing broadband customers this year. The reported losses Friday were much better than analysts had expected, though, with Wall Street forecasting about 274,000 lost subscribers. Comcast also reported that it would have returned to positive subscriber growth if not for ACP impact.
The program provided $30 per month towards low-income households’ broadband bills. It counted more than 23 million participants before running out of cash.
