Time Warner Cable returns to profit
February 1, 2010
Time Warner Cable the second-largest cable company in the US swung to a fourth-quarter profit after its year-ago results were dragged down by big write-downs related to its spin-off from Time Warner.
The cable company continued losing video subscribers and overall customers during the quarter amid rising competition and a weak economy. It was able to increase total subscription revenue by 4.2 per cent by adding high-speed Internet and digital phone subscriptions, but the company’s subscriber growth continued to slow.
Time Warner Cable said total video subscribers in the fourth quarter declined by 105,000 to end the year at 12.86 million. Net income attributable to Time Warner Cable was $322 million, revenue rose 3 percent to $4.5 billion, in line with expectations.