Second quarter profit boost for TW Cable
Revenue climbs 4% to $4.47 bilNEW YORK -- Time Warner Cable, the second-largest U.S. cable operator, reported a higher second-quarter profit Wednesday as it continued to add advanced service subscribers, but lost basic cable customers.
Profit for the traditionally slowest quarter for cable firms came to $316 million, up from $277 million in the year-ago period. Revenue climbed 4% to $4.47 billion.
Management had previously warned of weaker subscriber trends in the quarter amid the recession and housing crisis, plus intense competition from satellite TV and telecom firms.
TW Cable lost 57,000 basic cable subscribers, less than some analysts had feared. The company added 54,000 digital video subscribers, 88,000 high-speed Internet users and 103,000 telephony customers.