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Charter Communications’ Weak Video Business Hurt Q1 Revenue

April 28, 2016, 12:49 PM UTC
Charter Communications
This April 1, 2015 photo shows a Charter Communications van in St. Louis. Charter Communications is close to buying Time Warner Cable for about $55 billion, two people familiar with the negotiations said Monday, May 25, 2015. (AP Photo/Jeff Roberson)
Photograph by Jeff Roberson — AP

U.S. cable company Charter Communications (CHTR), which is in the process of buying Time Warner Cable (TWC), reported lower-than-expected quarterly revenue, hurt by weakness in its video business.

The company’s net loss more than doubled to $188 million, or $1.68 per share, in the first quarter ended March 31, from $81 million, or 73 cents per share, a year earlier.

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Revenue rose 7.1 percent to $2.53 billion.

Analysts on average had expected a loss of $1.09 per share on revenue of $2.54 billion, according to Thomson Reuters I/B/E/S.