Charter Has Bigger Loss as Costs Surge 13.4%
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Charter Communications Inc., the No. 4 U.S. cable TV provider, reported a wider first-quarter loss as the company spent more to win and keep customers.
The net loss expanded to $459 million, or $1.45 a share, from a loss of $353 million, or $1.16, a year earlier, the St. Louis-based company said. Sales rose 8.1% to $1.37 billion.
Charter’s costs surged 13.4% as Chief Executive Neil Smit improved customer service and paid more for programs. Spending on advertising of bundled services helped propel sales of cable, phone and Internet packages by 105,000, the firm said.
Shares of Charter, which is controlled by Microsoft Corp. co-founder Paul Allen, fell 2 cents to $1.13.
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