Market Insider

Liberty Global shares skyrocket after subscriber growth

Mike Fries, CEO of Liberty Global at the World Economic Forum in Davos, Switzerland.
David A. Grogan | CNBC

Shares of Liberty Global climbed more than 15 percent on Thursday after the telecommunications company released its fourth quarter fiscal report on Wednesday.

The largest broadband internet service provider outside of the U.S. posted revenue of $4.22 billion in Europe, down 1.7 percent year-over-year, and revenue of $922.9 million in Latin America and the Caribbean, up 198 percent year over year.

For the year, the conglomerate boasted 946,000 new European subscribers and 94,000 organic Latin American and Caribbean division subscribers, aided by higher broadband speeds.

CEO Mike Fries also discussed the multiple mergers and acquisitions that have also aided in expansion and growth.

"On the M&A front, 2016 was a busy year. We completed our joint venture with Vodafone in the
Netherlands at year-end. And in October, we announced the proposed acquisition of Multimedia Polska, the third largest cable operator in Poland," Fries said. "With regards to LiLAC, our Latin American and Caribbean business, we closed the acquisition of Cable & Wireless ("CWC") in May 2016."

Liberty Global is comprised of two stocks, with three classes of shares each.

Liberty Global Group includes European operations and is traded under the symbols LBTYA, LBTYB and LBTYK.

The Latin American and Caribbean operations are part of the LiLAC Group and traded under the symbols LILA and LILAK on the Nasdaq Global Select Market. Over-the-counter shares are traded under the LILAB symbol.

LILA closed Wednesday at $22.29 per share and LILAK closed at $21.83 per share.

LILA 5-Day performance

LILAK 5-Day performance

Correction: This story has been updated to reflect that the revenue of $922.9 million came from the Latin American and Caribbean division. This story has also been updated to reflect that the Latin American and Caribbean operations are traded under the symbols LILA and LILAK.