Time Warner Cable reported third-quarter earnings that missed analysts’ estimates as the company shed video customers, reports Bloomberg.
Third-quarter earnings fell 4.3% to $1.86 per share, missing the average analyst estimate of $1.90 per share, the story reports. The company, which is waiting for regulatory approval to merge with Comcast, shed 184,000 video customers, although it added 92,000 high-speed Internet subscribers.
“Time Warner Cable and Comcast are relying more on broadband users for revenue growth as new TV subscribers prove harder to come by,” Bloomberg reports. “Netflix Inc.’s streaming service and HBO’s upcoming online subscription are going after younger viewers who prefer to watch shows over the Web rather than paying $50 a month or more for traditional cable.”