Time Warner Cable posts higher 2Q net income

NEW YORK (AP) ? Time Warner Cable Inc. said Thursday that its second-quarter profit rose 23 percent, boosted by strong results in its business services and higher revenue from residential users.

The nation’s second-largest cable company said its net income rose to $420 million, or $1.24 per share, in the three months ended June 30, up from $342 million, or 95 cents per share, a year earlier.

Revenue rose 4 percent to $4.94 billion from $4.73 billion.

Analysts, on average, were expecting earnings of $1.16 per share on revenue of $4.94 million, according to FactSet.

Time Warner Cable’s advertising revenue rose 4 percent to $225 million. Revenue from its largest segment, residential services, climbed nearly 3 percent to $4.3 billion. Business services revenue jumped 35 percent to $361 million.

The company lost about 130,000 residential video subscribers during the quarter, ending the period with nearly 12.1 million. In the same quarter last year, it lost 111,000. Time Warner gained about 54,000 residential high-speed data subscribers and 32,000 voice subscribers.