Investing.com - Telecom and cable companies jumped in midday trading on Thursday as upbeat earnings from Charter Communications (NASDAQ:CHTR) helped lift the sector.
Charter Communications’ stock jumped 16% after an increase in internet users helped the company beat revenue estimates.
Total revenue rose 5.9% to $11.23 billion, compared to expected revenue of $11.13 billion.
The company added 289,000 residential internet customers in the fourth quarter ending Dec. 31.
"In 2019, we expect the operating and cash flow performance of our cable business will further demonstrate the superiority of our network, the returns of our recent investments, and the long-term value creation driven by our consumer-focused operating strategy," Tom Rutledge, chairman and CEO, said in a statement.
Other communication companies were also higher, with DISH Network (NASDAQ:DISH) rising 3% and Comcast (NASDAQ:CMCSA) up 3.3%, while Verizon (NYSE:VZ) increased 1.5%.
AT&T (NYSE:T) rose 1.7% after slumping 5% on Wednesday on news of steep subscriber declines.
The Invesco S&P 500 Equal Weight Communication Services ETF (NYSE:EWCO) gained 2.5%.