Time Warner Cable reported strong third quarter results—basic subscriber losses were better than analysts’ predictions—but the cable giant slightly missed its own guidance for revenue and cash flow growth in the period, forcing it to lower its estimates for the year.
Time Warner Cable said it lost 31,000 basic subscribers in the third quarter, well below the loss of 69,000 basic customers some analysts had predicted. The company added 124,000 digital cable subscribers, 214,000 high-speed data customers and 200,000 digital phone customers in the quarter.
But revenue and cash flow growth—at 8% and 9%, respectively—just missed TWC’s own aggressive targets—to meet its full-year estimate of 9%-11% cash flow growth it needed to report a 10% increase or greater in the quarter. As a result, the media giant lowered its full year guidance to 8% growth in both metrics.
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