Time Warner Cable Inc, the second-largest US cable operator, reported quarterly revenue below expectations as it added less than half the number of subscribers for high-speed data services that analysts had forecast.
Cable operators are increasingly depending upon internet customers for growth as they continue to lose cable TV subscribers and face rising programming costs.Time Warner Cable said it added 21,000 high-speed internet customers on a net basis in the second quarter. Time Warner Cable lost about 189,000 video subscribers in the quarter.
Time Warner Cable said last week that Chief Executive Glenn Britt will step down at the end of the year and be replaced by Robert Marcus, the company’s second in command.
Net income rose to $481 million, for the second quarter from $452 million, a year earlier. Revenue rose about 2.7 per cent to $5.55 billion.