for a look back at how some of the industry’s biggest players fared in Q2.**
High-speed Internet helped Time Warner Cable‘s profit make a big jump in the third quarter. The cable giant reported more than a doubling of net income from $356 million in the year-ago quarter to $808 million in Q3 2012.
Revenue was up more than 9 percent to $5.36 billion. The average analyst estimate was slightly higher, but not enough to get company executives down.
“Our operating results were driven by continued strong performance in residential high-speed data and business services, an acceleration in high-margin political advertising and the contributions from our Insight systems,” said Time Warner Cable CEO Glenn Britt.
TWC and other cable giants like Comcast and Cox have seen their number of video subscribers dropping in the last few years as the competition from satellite and telco TV has become more intense; therefore, they’ve diversified by focusing on broadband cable and business services, MarketWatch pointed out, which are less expensive to run than video operations and result in better profit margins.
Revenue derived from Time Warner’s residential customers was up 7 percent, to $4.55 billion, while business services revenue rose a stellar 27 percent, to $493 million.
The company’s stock was off 5 percent, to $93.25, in early morning trading Monday.