The second-largest U.S. cable operator lost 130,000 residential video subscribers though.
NEW YORK ? Time Warner Cable on Thursday reported a 22.8 percent gain in second-quarter profit that exceeded Wall Street estimates, but said it lost 130,000 residential video subscribers during the period.
In the year-ago period, the second- largest U.S. cable TV operator had recorded a decline of 111,000. Total primary service units, a figure that shows the decline or increase in subscribers across video, broadband and telephony services, declined by 16,000 at TWC. The company also reported weaker VOD and premium channel revenue.
Second-quarter earnings rose from $342 million to $420 million on a 4.4 revenue increase to $4.9 billion.
Time Warner Cable CEO Glenn Britt said the company ?continued to perform well? in the latest quarter.
The firm added 54,000 residential broadband customers and 32,000 telephony subscribers in the quarter ended June 30.
Its video subscriber decline for the period does not include a gain of 6,000 users from the acquisition of cable systems during the quarter. Its residential video subscriber count stood at 12.07 million as of June 30. It also had 168,000 video subscribers from business customers.
"Primary service units results disappoint, so the stock and sector may trade off," said Wells Fargo analyst Marci Ryvicker in a first reaction. "That said, it is a seasonally weak quarter in a difficult economy combined with a lot of competition."
Email: Georg.Szalai@thr.com
Twitter: @georgszalai
Source: http://www.hollywoodreporter.com/news/time-warner-cable-second-quarter-216511
No comments:
Post a Comment