UPDATE: Time Warner Cable Q2 Profit Misses View

Time Warner Cable TWC reported weaker-than-expected second-quarter earnings. The New York-based company posted a quarterly profit of $499 million, or $1.76 per share, versus a year-ago profit of $481 million, or $1.64 per share. Its adjusted earnings per share surged 11.8% to $1.89 versus $1.69. Its revenue climbed 3.2% to $5.73 billion compared to $5.55 billion. However, analysts were projecting earnings of $1.91 per share on revenue of $5.74 billion. Time Warner Cable's business services revenue climbed 22.3%, while residential high-speed data revenue jumped 12.8% in the quarter. Average monthly revenue per residential customer relationship climbed 1.7% to $106.98, while residential high-speed data ARPU rose 9.7% to $46.92. Time Warner Cable Chairman and CEO Rob Marcus said, “Time Warner Cable posted another very good quarter. We delivered the best second-quarter subscriber volumes in years, accelerated ARPU growth and made terrific progress on our strategic and operating initiatives.” Time Warner Cable shares gained 1.04% to close at $151.42 yesterday.