Donald Harrison leaves SpaceX board after more than a decade
SpaceX said the Google executive’s departure was effective November 4 and did not stem from a disagreement over company operations, policies or practices.
Charter plans $2 billion in annual cost cuts as broadband losses widen
The cable operator reported third-quarter revenue below analysts’ expectations and plans to change how it sells internet service.
Charter Communications said November 6 it plans to reduce annualized operating costs by $2 billion over 18 months, overhauling its business model as it seeks to restore customer growth amid competition in cable and broadband.
The company plans to change its internet marketing and sales approach and make greater use of mobile and video services to attract and retain customers. CEO Chris Winfrey said during an earnings call that customer growth and performance had fallen short of the company’s expectations.
On a pro forma basis, Charter’s third-quarter internet customer losses reached 233,000, compared with 171,000 a year earlier. Video customer losses narrowed to 77,000 from 121,000.
Quarterly revenue was $14.9 billion, missing the $15.03 billion average analyst forecast compiled by LSEG. Charter reported a per-share net loss of $20.50, compared with earnings of $8.50 a year earlier, largely reflecting a franchise impairment charge of $6.3 billion.
Charter said the planned savings are separate from anticipated synergies exceeding $1 billion from its Cox Communications acquisition. That transaction, valued at $34.5 billion including debt, closed August 19.
The company’s debt totaled $108.6 billion at September’s end, while cash stood at $573 million. Its shares declined 2.7% during morning trading on November 6, after losing 39.7% for the year through the November 5 close.