Cablevision Earnings Rise, Subs Drop in Second Quarter
The cable operator, led by CEO Jim Dolan, lost 20,000 video subscribers in the latest period, more than expected.
Cablevision Systems reported mixed second-quarter results on Friday as financials mostly rose, but the company lost 20,000 video subscribers.
The cable operator, controlled by the Dolan family and led by CEO Jim Dolan, posted earnings of $135.4 million, compared with $63.8 million in the year-ago period. Earnings from continuing operations fell from $77.2 million to $28.2 million, though. Second-quarter revenue edged up 0.8 percent to $1.57 billion.
Cablevision said it lost 20,000 video subscribers in the latest period to end June with a total of 2.87 million. That was more than Wall Street had expected. In the year-ago period, its video subscriber count had remained unchanged.
The company added 1,000 broadband customers in the second quarter, compared with 25,000 in the same period last year. Total customers declined by 11,000 to 3.22 million.
Said Dolan: "We have delivered significant product enhancements, including an across-the-board increase in Internet speeds, our new multi-room DVR and our industry-leading Wi-Fi initiatives. These types of advancements are providing an increasingly compelling proposition for new and existing customers."