Charter Earmarks $5.5B On Internet Speed Upgrade: Report - Charter Communications (NASDAQ:CHTR)

Leading U.S. cable TV provider Charter Communications, Inc CHTR looks to spend $5.5 billion on its network to introduce higher-speed broadband connections.
The overhaul will likely cost about $100 per home passed and will be over by the end of 2024, CEO Chris Winfrey said at an investor event, Bloomberg reports.
Cable, phone, and satellite companies contested for $100 billion in federal funds to expand broadband service to poorer and more rural parts of the country.
Also Read: Wireless Carriers T-Mobile, Verizon, AT&T, And Broadband-Internet Providers Comcast, Charter Compete For Customers
Charter and Comcast Corp CMCSA replaced their coaxial wires with DOCSIS 4.0 technology that uses amplifiers to allow existing cable systems to offer multigigabit speeds.
In November, Comcast shared plans to spend $200 per home passed to upgrade its systems using amplifiers.
That number compared to about $1,000 per home for installing new fiber optic cable lines.
Charter reported third-quarter FY22 revenue growth of 3.1% year-on-year to $13.55 billion, missing the consensus of $13.68 billion.
Free cash flow totaled $1.5 billion, down by 39.1% Y/Y, primarily due to the capex associated with Charter's rural construction initiative. The company held $480 million in cash and equivalents.
Comcast reported a third-quarter FY22 revenue decline of 1.5% year-on-year to $29.85 billion, beating the consensus of $29.71 billion.
Comcast generated $3.4 billion in free cash flow and held $5.7 billion in cash and equivalents.
Price Action: CHTR shares traded lower by 5.90% at $369.50 in the premarket on the last check Wednesday.
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