Charter loses more broadband customers in Q2 as competition heats up

Charter Communications reported a higher-than-expected broadband subscriber loss in the second quarter on Friday, as the cable giant grappled with competition from wireless carriers that are bundling high-speed internet services with 5G mobile plans.

Shares of the company fell more than 12% in early trading.

Charter’s internet customers decreased by 117,000 in the April-June period, compared with a 60,000 loss in the prior quarter. Analysts had expected it to shed 73,240 customers, according to Visible Alpha.