Time Warner Cable, the second-largest cable company in the US, reported Q3 profit that at the top of estimates as subscriber-rate increases help make up for a shrinking pool of customers. Net income fell 34 per cent to $532 million, in the three months ended September, from $808 million, the company said.
Revenue from residential high-speed Internet subscribers rose 14 per cent in the period to $1.46 billion from a year earlier, even as those customers declined in number. Time Warner Cable also dropped 306,000 video subscribers, as the broader cable industry continues to face increased competition.
Sales gained 2.9 per cent in the quarter to $5.52 billion.