Thursday, 31 July 2014

Weak demand for video services weighs on Time Warner Cable

Pedestrians walk past the Time Warner Cable headquarters in New York (Reuters) - Time Warner Cable Inc, the second-largest U.S. cable operator, lost more video subscribers in the second quarter compared with the previous quarter. Most cable companies have been shedding video subscribers over the past few years, losing them to satellite and telecom rivals as well as Web-based entrants such as Netflix Inc. Time Warner Cable, which also reported a lower-than-expected quarterly profit on Thursday, said it lost 152,000 net residential video customers in the April-June quarter. Comcast Corp, which is seeking regulatory approval for its $45.2 billion bid for Time Warner Cable, reported a better-than-expected profit last week, citing the highest number of customer additions for its high-speed Internet in six years. Time Warner Cable's net income attributable to common shareholders rose to $499 million, or $1.76 per share, in the second quarter ended June 30, from $481 million, or $1.64 per share, a year earlier.








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