Cablevision Loses Fewer Video Subscribers Than Expected

Markets Reuters

Cablevision Systems Corp's revenue narrowly beat Wall Street estimates, as the cable provider lost fewer video subscribers than expected in the fourth quarter.

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Cablevision's revenue rose 7.6 percent to $1.69 billion. Wall Street analysts had expected Cablevision to post revenue of $1.68 billion, according to Thomson Reuters I/B/E/S.

The company on Tuesday posted net income of $60.5 million, or 22 cents per share, down from $114.0 million, or 39 cents a share a year earlier.

Cablevision, which mainly serves the New York area but now has operations in Montana and Wyoming, said it lost 14,000 video customers in the quarter. Wall Street analysts on average had expected the company to lose 18,000 video subscribers, according to data compiled by StreetAccount.

The company added 20,000 high-speed data customers. Wall Street analysts were expecting Cablevision to add 12,000 Internet customers, according to StreetAccount.

(Reporting by Liana B. Baker; Editing by Gerald E. McCormick)