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UPDATE: Time Warner Cable Q2 Profit Misses View

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Time Warner Cable (NYSE: TWC) reported weaker-than-expected second-quarter earnings.

The New York-based company posted a quarterly profit of $499 million, or $1.76 per share, versus a year-ago profit of $481 million, or $1.64 per share. Its adjusted earnings per share surged 11.8% to $1.89 versus $1.69.

Its revenue climbed 3.2% to $5.73 billion compared to $5.55 billion. However, analysts were projecting earnings of $1.91 per share on revenue of $5.74 billion.

Time Warner Cable's business services revenue climbed 22.3%, while residential high-speed data revenue jumped 12.8% in the quarter.

Average monthly revenue per residential customer relationship climbed 1.7% to $106.98, while residential high-speed data ARPU rose 9.7% to $46.92.

Time Warner Cable Chairman and CEO Rob Marcus said, “Time Warner Cable posted another very good quarter. We delivered the best second-quarter subscriber volumes in years, accelerated ARPU growth and made terrific progress on our strategic and operating initiatives.”

Time Warner Cable shares gained 1.04% to close at $151.42 yesterday.

 

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