Time Warner Cable profit misses, loses more video

Time Warner Cable Inc (TWC.N) missed Wall Street forecasts, sending the cable company's shares down as much 10 percent, as it lost more video customers than expected and lost phone customers for the first time.

The No. 2 U.S. cable operator said on Thursday its third-quarter profit missed analysts' expectations due to mounting programing costs and a drop in premium video subscriptions.

The company and its cable industry rivals have been losing video customers to phone and satellite providers even as a tough economy and weak housing market shrinks growth in the overall pay-TV market. Some customers have also been using Internet-based services like Netflix Inc (NFLX.O) and Hulu to supplement or replace their premium video services.

Read Full Article from Reuters

- Posted: 2011-10-27 11:46:00

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