Cablevision's 1Q net income soars; boosts dividend

Cablevision Systems Corp. said net income for the first quarter more than tripled as the New York-area cable TV company added more customers. The company also boosted its dividend by 25 percent.

But its stock tumbled as the earnings reported Thursday fell far below analysts' forecasts. Shares of cable TV companies also were under pressure following a proposal Thursday by the Federal Communications Commission's chairman to regulate Internet service, cable's most promising product, more like a utility.

Cablevision shares fell by $2.69, or 10 percent, to $24.12 in afternoon trading Thursday.

Chief Operating Officer Tom Rutledge told analysts that competition and existing rules have been enough to prompt Cablevision to offer innovative services such as faster Internet speeds. He said more regulation would be disappointing.

Read Full Article from The Associated Press

- Posted: 2010-05-06 14:07:01

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