• by Wayne Friedman , July 31, 2014

Time Warner Cable, in the process of being merged with Comcast Corp., posted somewhat underwhelming second-quarter results.

Both revenue and net income results were slightly below industry estimates -- as Time Warner Cable revenues were 3.2% higher to $5.73 billion, with net income up 3.7% to $499 million.

Still, the company said its second-quarter subscriber performance was the best in years -- coming from broadband and voice services. The company also said its revenue improved due to a 22.3% gain in business services and a 12.8% growth in its residential broadband business.

The company's average monthly customer bill inched up 1.7% to $106.98, while its cable video revenue slipped 4.8% to $2.55 billion. Time Warner Cable lost 152,000 video subscribers -- now totaling 11.01 million. The average broadband/Internet monthly bill is now at $46.92, for a 9.7% gain, with overall revenues 12.8% higher to $1.6 billion. Internet business grew 67,000 subscribers, now at 11.4 million.

The company added 79,000 residential voice customers and 42,000 triple-play customers -- video, broadband and voice.

Time Warner's local advertising business was up 4.6% to $272 million.

Time Warner midday stock was trading 2% lower to $148.43. The company is still working to complete its $45 billion deal to be bought by Comcast Corp.