Time Warner Cable profit rises, subscribers slip

From CNET News.com: Time Warner Cable saw bigger profits on increased revenue during the third quarter of 2010 even as it lost TV subscribers.

The second largest cable operator in the U.S. reported a 34 percent jump in profits for the three-month period. Earnings increased to $360 million, or $1 a share, up from $268 million, or 76 cents a share, during the same quarter a year earlier.

Revenue increased 5.2 percent to $4.73 billion. Analysts polled by Thomson Reuters had predicted earnings of 89 cents on $4.72 billion in revenue.

Just like cable giant Comcast, Time Warner Cable also saw a dip in paid TV subscribers. The company lost 155,000 video subscribers, of which about 46,000 were digital video subscribers.

Meanwhile the company continued to add high-speed broadband customers. In total it added 104,000 new broadband subscribers. And it also added 34,000 new digital phone subscribers.

Despite losses in subscribers, Time Warner Cable managed to increase revenue for video 1.7 percent. Revenue for high-speed broadband increased 10 percent and voice revenue was up almost 7 percent. Revenue from advertising increased 23 percent.

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