Cablevision will spend more than $300 million on rolling out Wi-Fi technology in the New York metro area and on Long Island over the next two years as it intensifies its battle with Verizon for control of one of the largest markets in the U.S., the company said as it released first quarter earnings today.
The company said it added 41,000 digital-video subscribers and 2,000 basic-video customers to its current 3.1 million video subscribers, and has seen little impact from Verizon's FiOS service. Cablevision also said it added subscribers to its internet and phone businesses.
Cablevision said it lost $31.6 million, or 11 cents a share in the quarter, compared to a loss of $26.3 million, or nine cents a share a year ago. It increased earnings 38 percent in its telecommunications segment, due in large part to growth in its Optimum Lightpath-branded commercial data and voice services. Overall, revenue climbed 10 percent to $1.72 billion.
For more:
- See the Wall Street Journal story
- and Cablevision's quarterly results