Charter cuts core profit forecast, broadband customer losses balloon; shares slump

July 23 (Reuters) - Charter Communications on Friday reported steeper-than-expected losses in its quarterly broadband customer base, as traditional cable internet faces stiff competition from telecom rivals that have doubled down on promotional offers.

Shares of the company plunged more than 7% in early trading, after Charter also cut its full-year core profit forecast, squeezed by the subscriber losses as well as its investments in network upgrades and expansion in rural areas.

Here are more details on the Stamford, Connecticut-based company's second-quarter results:

• Charter lost 172,000 broadband customers during the three months ended June 30, worse than estimates for a loss of 140,712 users, according to Visible Alpha.
• U.S. wireless carriers have been offering bundled wireless-broadband plans, piling competitive pressure on cable operators such as Charter.
• The customer declines come even as Charter has offered bundles combining internet, TV and mobile services.

• The company trimmed its profit outlook, and now expects 2026 EBITDA (earnings before interest, taxes, depreciation, and amortization) to decline about 1%, excluding certain costs.
• It had previously forecast a slight growth in EBITDA for the year.
• Charter's video customers decreased by 21,000 in the quarter, fewer than the estimated loss of 63,202 users, helped by improved pricing plans and the inclusion of ad-supported versions of streaming apps such as Disney+ and HBO Max in its video packages.
• The broadband and cable TV provider reported total revenue of $13.53 billion for the second quarter, just a touch above estimates of $13.51 billion, according to data compiled by LSEG.