The following is an excerpt from Avi Salzman | August 2, 2012 | Barrons.com |
Time Warner Cable (TWC) rose 3.1% after reporting a mixed second quarter that included subscriber losses.
For the quarter ended June 30, Time Warner reported a profit of $452 million, or $1.43 a share, compared to $420 million and $1.24 a share a year earlier. Excluding costs for restructuring, the company reported earnings of $1.48 a share on revenue of $5.4 billion.
Analysts had forecast profit of $1.39 a share on revenue of $5.4 billion.
Additionally, Time Warner reported a net decline in residential subscribers of 169,000, compared to 130,000 a year prior and said that it had added 59,000 high speed data subscribers and an additional 45,000 voice clients.
These results came a day after competitor Comcast (CMCSA) reported strength in…
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