Today we learned that Charter Communications, the parent company of Spectrum, has once again lost 405,000 TV customers in the 1st quarter of 2024. This is on top of the 320,000 TV customers it lost in the 4th quarter of 2023. Spectrum did also lose for the second quarter in a row it lost 72,000 internet customers during that time for both residential and business customers. Spectrum also lost 279,000 voice customers as Americans continue to move away from traditional landline phones.
This is the second quarter Spectrum has reported a loss of internet subscribers in recent memory. In the 4th quarter, Spectrum lost over 4,400 TV customers every day in the 1st quarter of 2024.
Spectrum’s parent company, Charter Communications, saw revenue grow 0.2% year-over-year to $13.679 billion. Revenue from video though dropped 8.1% year-over-year. Residential customer revenue dropped 0.4%.
In response to its earnings Chris Winfrey, President and CEO of Charter said: “Our differentiated converged connectivity products provide us with significant competitive advantages that position Charter for sustainable customer and financial growth.”
Overall, Spectrum, like Comcast and others, is facing the fact that cord cutting is continuing to speed up with no signs that it will slow down.
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