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Most cable companies have been shedding video
subscribers over the past few years, losing them to satellite
and telecom rivals as well as Web-based entrants such as Netflix
Inc.
Time Warner Cable, which also reported a lower-than-expected
quarterly profit on Thursday, said it lost 152,000 net
residential video customers in the April-June quarter.
Demand for its broadband services, however, remained strong. The
company added 67 thousand residential high-speed data
subscribers on a net basis during the quarter.
J.P. Morgan analysts were expecting video subscriber losses of
150,000 and an addition of 75,000 high-speed data subscribers.
Comcast Corp, which is seeking regulatory approval for its $45.2
billion bid for Time Warner Cable, reported a
better-than-expected profit last week, citing the highest number
of customer additions for its high-speed Internet in six years.
Time Warner Cable's net income attributable to common
shareholders rose to $499 million, or $1.76 per share, in the
second quarter ended June 30, from $481 million, or $1.64 per
share, a year earlier.
On an adjusted basis, the company earned $1.89 per share.
Revenue rose 3.2 percent to $5.73 billion.
Analysts had expected a profit of $1.91 per share on revenue of
$5.74 billion, according to Thomson Reuters I/B/E/S.
Time Warner Cable's shares closed at $151.42 on Wednesday on the
New York Stock Exchange.
(Reporting By Lehar Maan in Bangalore; Editing by Saumyadeb
Chakrabarty)
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