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October 31, 2011 11:01 am EDT
It's safe to say that Q3 2011 probably won't be remembered as Cablevision's finest. According to the provider's latest earnings report, profits declined by a full 65 percent over the year, with net income plunging to $39.3 million this quarter, compared with the $112.1 million it raked in during the third quarter of 2010. The company also reported a loss of 19,000 video subscribers during Q3, though it added 17,000 broadband customers and 38,000 telephone subscribers. Total customers, however, declined by 15,000 over the past three months. Revenue, meanwhile, increased by eight percent to $1.7 billion, though the New York-area operator lost about $16 million to Hurricane Irene -- not to mention all those . Smell that? That's a big platter of PR, sitting right there after the break.
Bloomberg | ||Comments
Original Link: http://www.engadget.com/2011/10/31/cablevision-reports-q3-earnings-sees-profit-fall-by-65-percent/
Cablevision reports Q3 earnings, sees profit fall by 65 percent, drop in video subscribers
It's safe to say that Q3 2011 probably won't be remembered as Cablevision's finest. According to the provider's latest earnings report, profits declined by a full 65 percent over the year, with net income plunging to $39.3 million this quarter, compared with the $112.1 million it raked in during the third quarter of 2010. The company also reported a loss of 19,000 video subscribers during Q3, though it added 17,000 broadband customers and 38,000 telephone subscribers. Total customers, however, declined by 15,000 over the past three months. Revenue, meanwhile, increased by eight percent to $1.7 billion, though the New York-area operator lost about $16 million to Hurricane Irene -- not to mention all those . Smell that? That's a big platter of PR, sitting right there after the break.Cablevision reports Q3 earnings, sees profit fall by 65 percent, drop in video subscribers originally appeared on Engadget on Mon, 31 Oct 2011 07:01:00 EDT. Please see our terms for use of feeds.
PermalinkBloomberg | ||CommentsOriginal Link: http://www.engadget.com/2011/10/31/cablevision-reports-q3-earnings-sees-profit-fall-by-65-percent/
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