Time Warner Cable lost 155,000 video subscribers in the third quarter, more than doubling its losses in the like quarter a year ago when the economy was in significantly worse shape. The losses continue a slide in the cable industry that saw it lose some 711,000 in the second quarter. Comcast, the nation's largest MSO, last week reported it lost 275,000 subscribers in Q3.
But the MSO nonetheless said subscription revenue increased 4.5 percent in the quarter helping to push TWC to a 34.3 percent increase in net income to $360 million ($1 per share), compared to net income of $268 million (76 cents per share) a year ago. The earnings beat analyst estimates.
TWC reported revenue of $4.73 billion in the quarter, a 5.2 percent increase from a year ago, with video, high-speed data and voice subscription revenue all showing gains.
The drop in subscribers continues a slide that began in 2Q2010, the worst quarter the industry had ever seen as far as subscriber defections. The industry has consistently blamed the economy for the losses, although the IPTV industry has seen growth during tg=he same periods.
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