REUTERS

(REUTERS)

Time Warner Cable 1Q Revenue Rises 7.2%

Industries Reuters

Time Warner Cable, which is in the process of being bought by Charter Communications, reported a 7.2 percent rise in quarterly revenue as it signed up more customers than expected for its high-speed data services.

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The company said it added 314,000 subscribers to its high-speed data services in the first quarter, above the average analyst estimate of 267,000, according to FactSet StreetAccount.

Time Warner Cable said revenue rose to $6.19 billion in the first quarter from $5.78 billion a year earlier.

Net income attributable to common shareholders rose to $494 million, or $1.72 per share, in the first quarter ended March 31, from $458 million, or $1.59 per share, a year earlier.

On an adjusted basis, Time Warner earned $1.81 per share.

Analysts on average had expected a profit of $1.74 on revenue of $6.14 billion, according to Thomson Reuters I/B/E/S.

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Time Warner Cable said it added 21,000 residential video customers in the quarter, below the average estimate of 30,000, according to FactSet StreetAccount.

Time Warner Cable's shares were unchanged in premarket trading after closing at $209.19 on Wednesday.

 

(Reporting by Alan John Koshy in Bengaluru; Editing by Shounak Dasgupta and Saumyadeb Chakrabarty)