Time Warner Cable Inc. (TWC) added more subscribers in the first quarter than expected, pushing up its shares by 14 percent at Wall Street’s close on Wednesday.
The cable provider added 36,000 new basic users, a nice surprise to analysts who had predicted the company would lose customers because of the economic recession. Time Warner Cable further added 121,000 digital video subscribers, 225,000 high-speed Internet users and 166,000 VoIP customers.
Nonetheless, the company’s profits plummeted from $242 million a year ago to $164 million in the three months ending in March.
This marked the first set of financials from Time Warner Cable since it separated from Time Warner Inc. in March.
