Time Warner Cable 3Q results miss Wall Street's view as operating costs and expenses climb

MarketsAssociated Press

Time Warner Cable's third-quarter net income fell 6 percent as its operating costs and expenses grew.

The New York company's results missed Wall Street's view.

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Time Warner Cable, which is being acquired by rival Comcast Corp. in a $45 billion all-stock deal, earned $499 million, or $1.76 per share, for the three months ended Sept. 30. That compares with $532 million, or $1.84 per share, a year earlier.

Removing certain items, earnings were $1.86 per share.

The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.90 per share.

Total operating costs and expenses rose to $3.66 billion from $3.51 billion.

Revenue increased 4 percent to $5.71 billion from $5.52 billion. Analysts predicted higher revenue of $5.76 billion, according to Zacks.

Time Warner Cable Inc. said Thursday that it lost 184,000 residential video subscribers in the quarter. It added 92,000 high-speed data residential subscribers and added 14,000 voice subscribers.

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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. TWC stock research report from Zacks.