Charter (CHTR) Launches New Program to Support Entrepreneurs
Charter Communications CHTR recently launched Let's Get Started — a new program from Spectrum Business — to help aspiring entrepreneurs launch successful ventures. The program offers a digital hub with free resources, how-to articles and guidance for starting a small business.
Charter’s partnership with the non-profit SCORE Foundation provided a no cost platform where self-starters can gain coaching and advice from more than 10K SCORE mentors on how to start and successfully run a business.
This initiative responds to the surge of new business formation in the United States since 2020, which reached a record high of 5.4 million applications in 2021.
Charter thrives to help entrepreneurs turn their passion into successful businesses. With Let's Get Started, aspiring business owners can access a new business toolkit, helpful articles and free mentorship from SCORE, thereby driving the nation’s economy.
Charter Communications, Inc. Price and Consensus
Charter Communications, Inc. price-consensus-chart | Charter Communications, Inc. Quote
Strengthening Portfolio to Drive Charter’s Top Line
Charter’s Spectrum Business is well-known for providing scalable and cost-effective broadband communications solutions for small and medium-sized businesses in addition to supporting customers and non-customers through initiatives like Let's Get Started.
Charter offers Spectrum Internet products with speeds up to 1 Gbps across its entire footprint, Spectrum Mobile Service and Spectrum Business Voice.
Earlier this month, Spectrum launched its Gigabit Broadband, Mobile, TV and Voice services to more than 2,395 small businesses and homes in Hampton and Marlboro Counties, South Carolina
In first-quarter 2023, Charter’s SMB residential customer relationships increased by 2.4% to 2.22 million. It also added 686K mobile lines in the reported quarter.
Charter’s persistent expansion of Internet subscriber base is expected to drive its top-line growth in 2023.
The Zacks Consensus Estimate for second-quarter 2023 revenues is pegged at $13.86 billion, indicating a 1.95% growth from the year-ago quarter’s reported figure.
The consensus mark for earnings has remained unchanged at $7.79 per share in the past 30 days.
Charter Facing Stiff Competition
Charter has been leveraging on its broadband service and new 5G service offerings, reflected in its expanding subscriber base. However, it faces stiff competition in its broadband and video business from players like Comcast CMCSA, Verizon Communications VZ and Netflix NFLX.
This Zacks Rank #3 (Hold) stock has lost 3.9% year to date compared with the Zacks Consumer Discretionary sector’s rise of 8.7% during the same time frame.
It has underperformed the sector as well as two of its competitors. Shares of Comcast and Netflix have gained 16.1% and 43.3% year to date, respectively. Shares of Verizon declined 9% during the same time frame.
Charter added 76K broadband customers in the first quarter of 2023, whereas Comcast and Verizon added 5K and 44K customers, respectively.
Its video segment experienced a loss in customers primarily due to cord-cutting and intense competition from streaming service providers. During first-quarter 2023, Charter lost 241K video customers whereas Netflix added 1.75 million global paid subscribers.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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