Time Warner Cable missed its profit targets and posted a decline in pay-TV subscriptions in the fourth quarter, Bloomberg reports.
The company, which is anticipating approval for its merger with Comcast Corp., did gain 54,000 “overall residential customer relationships,” The Wall Street Journal notes. “High-speed data customers grew by 168,000, while voice customers increased by 295,000. Video customers, however, declined by 38,000,” The Journal reports.
The results appear in the company’s fourth-quarter earnings report.
Bloomberg reports: “Fourth-quarter earnings, excluding some items, increased 12 percent to $2.03 a share, falling short of the $2.09 average of analysts’ estimates compiled by Bloomberg. Sales rose 3.8 percent to $5.79 billion, the New York-based company said in a statement. Analysts projected revenue of $5.81 billion.”