Charter’s Loss Widens to $352 Million

Charter Communications Inc., the cable television company controlled by Microsoft Corp. co-founder Paul Allen, said Tuesday that its first-quarter loss widened as costs rose to provide customers with new equipment and services.

The net loss expanded to $352 million, or $1.16 a share, from $293 million, or $1, a year earlier. Sales rose 4.7% to $1.27 billion, the St. Louis-based company said.

Charter added high-speed Internet access and digital TV customers to boost its subscriber count by 117,100. The company lost 6,700 basic cable customers, fewer than analysts expected. Costs increased 6% to $796 million as Charter spent more to switch customers to services including high-definition television and video on demand.

“This is an incrementally positive quarter,” said UBS Securities analyst Aryeh Bourkoff. “I’m encouraged by these small steps.”

Shares of Charter, the fourth-largest U.S. cable television company, rose 3 cents to $1.10 on Nasdaq. The stock has declined 73% in the last 12 months.