Time Warner Cable and Cablevision Systems both grew profits despite losing subscribers in the third quarter, as premium phone, internet and television services allowed both companies to squeeze more out of each customer.
Time Warner Cable ( TWC – news – people ) increased its net income by 34.3% to $360 million. Earnings per share of $1.00 was up 31.6% from a year ago and better than the 89 cents expected by Wall Street analysts.
Revenue of $4.7 billion was up 5.2% from the third quarter of 2009. While total revenue generating units fell by 63,000 to 35.8 million, the company managed to add more high speed data and digital phone subscribers. Amid industry debate over the level of cannibalization cable TV is suffering from online entertainment, Time Warner Cable managed to increase its total video subscription revenue 1.7% form a year ago to $2.7 billion, even whilee losing 155,000 video subscribers.