STAMFORD, Conn. (AP) — Charter Communications Inc. said Friday that its fourth-quarter loss narrowed, helped by the addition of new customers.
Its shares rose more than 3 percent in morning trading.
The Stamford, Conn.-based cable TV provider posted a loss of $40 million, or 41 cents per share, compared with a loss of $67 million, or 63 cents per share, in the same quarter a year ago.
Revenue rose 4 percent to $1.91 billion from $1.83 billion, helped by an increase in internet and commercial customers, along with higher sales of video and advertising.
Analysts, on average, expected a loss of 25 cents per share on $1.91 billion in revenue, according to FactSet.
Charter said its residential customer relationships increased by 20,000 during the recent quarter, marking a four-fold increase from the year-ago period. The company said it added 4,000 new commercial customer relationships, up from 3,000 in the same quarter of 2011.
For the full year 2012, Charter's loss totaled $304 million, or $3.05 per share, compared with a loss of $369 million, or $3.39 per share, in 2011. Revenue rose to $7.5 billion from $7.2 billion.
Charter shares rose $2.47, or 3.2 percent, to $79.50 in morning trading. Its shares are near the high end of their 52-week range of $59.04 to $83.55.