Charter Communications stock was flying high on Thursday despite announcing an earnings miss for the fourth quarter of 2018.
Charter Communications (NASDAQ:CHTR) reported earnings per share of $1.29 for the fourth quarter of the year. This is an increase over its earnings per share of $1.14 from the same period of the year prior. However, it was well below Wall Street’s earnings per share estimate of $1.43 for the quarter, but that wasn’t able to keep Charter Communications stock down on Thursday.
Net income reported by Charter Communications for the fourth quarter of 2018 was sitting at $296 million. The telecommunications company reported net income of $9.55 billion during the same time last year.
Charter Communications earnings for the fourth quarter of the year also includes revenue of $11.23 billion. This is better than the company’s revenue of $10.60 billion reported in the fourth quarter of 2017. It was also a major boon to CHTR stock by beating out analysts’ revenue estimate of $11.14 billion for the period.
The strong revenue in the Charter Communications earnings report for the fourth quarter of 2018 is thanks to a few things. This includes residential revenue growth of 3.9%, commercial revenue growth of 4.5%, and advertising revenue growth of 34.1% during the quarter.
“We performed well in 2018, growing our Internet customer base by 1.3 million, cable revenue by 4.7%, and cable Adjusted EBITDA by 6.5% — very strong operating and financial performance, particularly in the midst of what we believe is the largest cable integration ever,” Tom Rutledge, Chairman and CEO of Charter Communications, said in a statement.
CHTR stock was up 14% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.