Time Warner Cable's stock took a big hit in connection with its fourth-quarter earnings results -- even as some key metrics continue to show
Revenues were up almost 10% from a year before to $5.5 billion. Two of its long-term growing businesses continued to show some positive effects. Time Warner did add 75,000 high-speed data subscribers and 34,000 more voice subscribers.
But the company's net income slid to $513 million from $564 million in the fourth quarter of 2011.
It also continued to lose ground from its traditional video business -- as all cable operators have witnessed. Time Warner lost 129,000 residential video customers. Revenue for this business -- still the lion's share of all company business -- was down 3% to $2.5 billion.
During mid-day trading, Time Warner Cable's stock was down nearly 11% to $90.01.
Time Warner's local and other advertising revenues saw a 29% gain to $313 million. It recorded an increase in political advertising during the quarter, as well as benefits from selling advertising time from TV platforms. Time Warner also gained from starting two Los Angeles based regional networks during the period.
The report comes days after news of Time Warner's striking a $1 billion deal to carry Los Angeles Lakers and Dodgers. Glenn Britt, CEO of Time Warner Cable, says this will mean long-term subscription fee increases.