Time Warner Cable Inc. is continuing to record growth in its businesses in spite of customers cutting their television subscriptions.
Second-quarter revenues increased 9.3 percent to $5.4 billion over the prior-year period as the nation’s second-largest cable company reported a profit ($452 million or $1.43 per diluted common share) that beat Wall Street’s expectations.
Residential services revenues, which make up the bulk of the company’s sales, grew the least (7.4 percent) to $4.6 billion. Business services enjoyed the most growth, with revenues rising 28.5 percent to $464 million. Advertising revenues rose nearly 18 percent to $265 million.
In the residential business, Time Warner Cable lost 169,000 video customers but gained 59,000 high-speed Internet customers and 45,000 voice subscribers. Its peer Comcast Corp. lost 176,000 video customers during the second quarter while picking up 156,000 high-speed Internet subscribers.