TIME Warner Cable missed Wall Street forecasts yesterday, sending the cable company’s shares down as much as eight per cent, as it lost more video customers than expected and lost phone customers for the first time.
The number two US cable operator said its third-quarter profit missed analysts’ expectations due to mounting programming costs and a drop in premium video subscriptions.
Time Warner Cable lost 128,000 video subscribers in its residential services in the quarter.
However, it added 89,000 subscribers for its broadband services during the period.
It also lost 8,000 phone customers, the first quarter it has done so since it started selling voice services.
The company posted revenue of $4.91bn (£3.1bn) -- slightly below the $4.95bn pegged by Wall Street analysts. Profit for the three-month period ended 30 September fell to $356m.