TW Cable Sheds 130,000 Video Subs in Q2
Despite an eroding video subscriber base, Time Warner Cable Inc. (NYSE: TWC)'s profits jumped 23 percent in the second quarter, aided by solid gains in its high-speed Internet and commercial services businesses.
The MSO notched up net income of US$420 million, or $1.24 per share on flat revenues of $4.94 billion. That's up from a profit of $342 million or 95 cents per share it reported a year ago. Analysts polled by Thomson Reuters expected net income of $1.17 per share on revenues of $4.9 billion.
TW Cable lost 130,000 video subs in the quarter, offset in part by 54,000 new high-speed Internet subs and 32,000 voice subs. Revenues at its business services unit rose 34.7 percent, to $361 million.
TW Cable shares closed 1.1 percent to $77.10 each on Wednesday.
— Jeff Baumgartner, Site Editor, Light Reading Cable