Cablevision Grows Revenue in First Quarter
A year after reporting that it was losing money, the cable company turns a profit ahead of expectations.
Cablevision grew its business in the first quarter of 2014. The cable company reported $1.576 billion of net revenue, up 4.3 percent.
Net income came in at about $90 million compared to a net loss of $16 million from same quarter last year. The fortunes came in ahead of analyst expectations and sent the company's stock price up immediately after the opening of the market.
Cablevision reported a very slight down-tick in its number of subscribers, but also highlighted that it was commanding more revenue from them. The average monthly cable revenue per customer was $148.22, an increase of $8.42, or 6 percent, from the previous year. Cable advertising revenue was also up 17 percent.
"In the first quarter, Cablevision generated strong year-over-year financial results as well as solid growth in our high-speed data and voice subscriber metrics," said Cablevision CEO James Dolan. "We continued to enhance the customer experience with industry-leading products, and our relentless focus on providing better service for our customers. We are pleased with our first-quarter performance and look forward to building on this success."