Time Warner Cable revealed that its cable TV subscriptions shrank considerably during the second quarter, while it added broadband customers and saw a 35% surge in business services revenue, Multichannel News reports.
Cable subs fell by 128,000, according to the story. Broadband customers, meanwhile, rose by 54,000.
The story reports: “The operator’s second-quarter revenue was $4.94 billion, up 4.4% year over year, which was in line with analyst expectations. Net income for the three months ended June 30 was $421 million ($1.24 per diluted share), beating Wall Street forecasts and up from the year-ago period.”
In announcing the company’s earnings, Time Warner Cable CEO Glenn Britt said: "Time Warner Cable continued to perform well in the second quarter, driven by very strong results in business services and higher residential ARPU. We also continued to generate strong free cash flow while still investing in our core business, allowing us to return more than $1 billion to our shareholders."