As of September 30, 2024, Charter Communications, Inc. reported total revenues of $13,795 million for the third quarter, reflecting a 1.6% increase from $13,584 million in the same period of 2023. For the nine months ended September 30, 2024, revenues reached $41,159 million, up 0.6% from $40,896 million in the prior year. The growth in revenue was primarily driven by higher average revenue per customer and an increase in mobile lines, despite a decrease in total customer relationships.
Income from operations for the third quarter was $3,335 million, a 6.7% increase from $3,126 million in Q3 2023. For the nine-month period, income from operations rose to $9,729 million, compared to $9,292 million in the previous year, marking a 4.7% increase. Consolidated net income for Q3 2024 was $1,474 million, slightly up from $1,436 million in Q3 2023, while net income for the nine months was $4,177 million, compared to $4,032 million in the same period last year.
Charter's basic earnings per share attributable to shareholders increased to $8.99 for Q3 2024, up from $8.42 in Q3 2023, and for the nine months, it rose to $25.23 from $23.30. Diluted earnings per share also saw similar increases, reaching $8.82 for Q3 2024 compared to $8.25 in Q3 2023.
The company experienced a decline in its Internet and video customer base, losing 110,000 Internet customers and 1,314,000 video customers year-over-year. However, mobile lines increased significantly, with an addition of 2,070,000 lines, attributed to successful initiatives like the Spectrum One offering.
Charter's total assets grew to $149,371 million as of September 30, 2024, up from $147,193 million at the end of 2023. The total investment in cable properties also increased to $140,117 million from $138,329 million. The accumulated deficit improved to $(8,643) million, compared to $(12,260) million at the end of 2023, while total shareholders’ equity rose to $18,054 million from $14,718 million.
In terms of strategic developments, Charter issued $1.5 billion in senior secured notes in May 2024 and repurchased $2.7 billion of existing notes, resulting in a gain on extinguishment of debt. The company also invested heavily in rural construction, spending $581 million in Q3 2024 and $1.6 billion for the nine months, activating approximately 114,000 subsidized rural passings.
Overall, Charter's performance reflects a mix of revenue growth driven by mobile services and advertising, alongside challenges in customer retention in traditional services.
About CHARTER COMMUNICATIONS, INC. /MO/
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