UPDATE: Time Warner Cable Q2 Net Profit Increases 6.4%

Time Warner Cable TWC reported a 6.4% rise in its second-quarter net profit. Time Warner's quarterly profit surged to $481 million, or $1.64 per share, from $452 million, or $1.43 per share, in the year-earlier period. Its adjusted earnings rose to $1.69 per share from $1.48 per share. Its total revenue rose to $5.55 billion from $5.40 billion. However, analysts were projecting earnings of $1.65 per share on revenue of $5.58 billion. Time Warner shares closed at $114.07 yesterday.