Cable Firms Cablevision, Charter Post Higher Second-Quarter Revenue
Cablevision Systems on Tuesday reported lower second-quarter earnings as its number of video subscribers remained unchanged, but its results exceeded Wall Street expectations.
The cable operator, controlled by the Dolan family, posted a profit of $63.5 million, compared with $87.8 million in the year-ago period. Revenue rose 0.5 percent though to $1.70 billion.
Cablevision reported no change in its number of video subscribers in the second quarter, but it continued to add broadband and telephone customers.
Charter, meanwhile, reported 66,000 video subscriber losses, fewer than the year-ago decline of 79,000. Its second-quarter loss narrowed to $83 million from a year-ago loss of $107 million. Just like at Cablevision, revenue rose 4.7 percent to $1.88 billion.
"We delivered solid second quarter performance while implementing key aspects of our growth strategy," said president and CEO Tom Rutledge, the former COO of Cablevision. "In addition to enhancing our product set and launching new pricing and packaging, we're putting into action a number of operational changes to best align the organization with our growth objectives. These actions will make us more competitive, deliver a powerful customer experience and increase our long-term growth potential."