Charter to cut $2 billion in costs under ‘fundamental redesign’ to revive growth

Charter Communications said on Friday it would cut $2 billion in annualized operating costs over the next 18 months as part of an overhaul of its operating model aimed at reviving growth in a competitive cable and broadband market.

Shares of the company fell more than 3% in morning trading. They have fallen 39.7% so far this year through Thursday’s close.

Charter said it would revamp how it markets and sells its core internet service and lean more on its mobile and video products to add customers and improve retention.