While its conglomerate parent Time Warner reported a weak second quarter, Time Warner Cable was an altogether different story. The cable MSO reported that second-quarter revenues increased 4 percent year-over-year to $4.5 billion. TWC said that subscription revenues grew 6 percent to $4.3 billion in the quarter, while video revenues rose by 3 percent to $2.7 billion.
TWC attributed video growth to ongoing growth in digital video subscribers, which was offset by a year-over-year decrease in basic video subscribers and premium channel subscribers. High-speed data revenue increased by 9 percent to $1.1 billion, and voice revenues increased by 19 percent to $471 million as a result of growth in Digital phone subscribers. Voice revenues, however, were partially offset by a decrease in average revenue per subscriber.
Chief Executive Officer Glenn Britt was upbeat about the company's second-quarter performance. "Despite the tough economic environment, we continue to grow, unlike many other businesses. We generated over $1 billion of free cash flow in the first half of the year, which has enabled us to reduce the debt we incurred in our recent separation from Time Warner Inc., strengthening our balance sheet and driving returns for our shareholders."
- Here's the official release
TWC subscriber gains looking strong