Time Warner Cable loses pay-TV subs
January 27, 2012
Time Warner Cable continued to add high-speed Internet customers but lose pay-TV subscribers in Q4 2011, as the second-largest cable operator in the US navigated “rapid changes in technology in the consumer marketplace”, according to chief executive Glenn Britt.
Residential high-speed Internet revenues were up 8.6 per cent on the addition of 117,000 customers, and residential phone services revenues were up 2.5 per cent after the company stemmed a series of customer losses.
Revenues for the fourth quarter were up 4 per cent to $5 billion, driven by a 37 per cent jump in business services sales. Though the company lost 129,000 pay-TV customers during the period, sales were flat as the company increased revenue per user.
Net income jumped 44 per cent in the quarter to $564 million. For the full year, net income was up 27.3 per cent to $1.67 billion..