Time Warner Cable First-Quarter Financials Rise, TV Subs Decline
Time Warner Cable lost 119,000 residential video subscribers in the first quarter, but grew its financials, the second-largest U.S. cable operator said Thursday.
The subscriber decline was higher than the net loss of 94,000 video customers that the company had recorded in the first quarter of 2012. TW Cable ended March with a total of 11.9 million TV subscribers.
First-quarter earnings of $401 million were up five percent from $382 million in the same period last year. Revenue increased 6.6 percent to $5.5 billion.
TW Cable added 131,000 net new residential broadband subscribers to end March with nearly 11.1 million. The company also lost 35,000 telephony customers to bring its total user base to about five million.
"We’re executing on our revitalization plans to build a fundamentally stronger and more agile operation," said TW Cable chairman and CEO Glenn Britt. "As a result, I remain very excited about the long-term prospects."