Cablevision Systems Corp. said its revenue edged 2.5% higher in
the first quarter, though subscriber numbers fell across all of its
cable segments compared with a year ago.
Cablevision has been aggressively targeting viewers who are
looking to "cut the cord" or who enjoy online video services. It
became the first pay-television provider to say it will offer HBO's
stand-alone streaming service HBO Now.
The company reached a deal in April with streaming video service
Hulu to offer the service's catalog of on-demand shows and movies
to its customers, becoming the first cable or satellite TV provider
to strike such a partnership.
Cablevision also recently became the first major U.S. cable
operator to launch a mobile phone service that uses its network of
Wi-Fi hot spots.
Cablevision on Monday said its total customers--businesses or
households that subscribe to at least one service--fell by 2.3%
from the prior-year to 3.1 million as of March 31. Video, voice and
high-speed data customer numbers all declined compared with a year
ago.
For the quarter ended March 31, Cablevision posted a profit of
$44.6 million, or 17 cents a share, down from $89.8 million, or 34
cents a share, a year earlier.
Earnings from continuing operations were 20 cents a share.
Revenue grew to $1.62 billion from $1.58 billion a year
earlier.
Analysts had projected 17 cents a share in profit and $1.6
billion in revenue, according to Thomson Reuters.
Net revenue from cable edged up to $1.45 billion from $1.42
billion a year ago. Average monthly cable revenue per customer grew
4.8% to $155.34.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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