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Cablevision loses Internet and TV subscribers in 3Q; Profit drops but still tops St. forecast

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BETHPAGE, New York — More of Cablevision's cable customers are cutting their cords.

Cablevision has been losing customers as demand for traditional cable falls and more people watch TV via the Web. Video subscribers fell 4 percent to 2.7 million, the sixth straight quarterly decline. High-speed Internet customers fell less than 1 percent to 2.8 million. And phone service subscribers fell 1 percent to 2.2 million.

Cablevision, based in Bethpage, New York, offers cable and broadband Internet services to people in New York, New Jersey and Connecticut.

Net income for the three months ended Sept. 30 totaled $71.5 million, or 26 cents per share. That compares with net income of $294.6 million, or $1.10 per share last year. Analysts expected 16 cents per share, according to Zacks Investment Research. Year-ago results include 88 cents per share of discontinued operations.

Revenue rose 4 percent, to $1.63 billion from $1.57 billion, ahead of analyst expectations of $1.61 billion.

While subscribers declined, the company made more money per cable customer. The average monthly cable revenue per customer rose 6 percent to $154.50.

Citi Investment research analyst Jason Bazinet said the loss of 56,000 video subscribers, which was more than double what he expected, could be due in part to higher cable prices. He rates the company "Neutral."

Cablevision shares slipped 13 cents to $18.33 in midday trading. Its shares had risen 3 percent in 2014, while the Standard & Poor's 500 index climbed 9.5 percent.

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Elements of this story were generated by Automated Insights (http://www.automatedinsights.com/ap ) using data from Zacks Investment Research. CVC stock research report from Zacks: http://www.zacks.com/ap/CVC .

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Keywords:Cablevision,Earnings Report

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