Cablevision Posts Q3 Loss
Nov 6th 2012 4:27PM
Updated Nov 6th 2012 4:30PM
Cablevision (NYS: CVC) today announced third-quarter results, which saw the nation's No. 5 cable operator swing to a net loss. The loss of $3.8 million on the net income line was stark contrast to the $39 million profit in last year's third quarter. Net revenues came in at $1.7 billion, a 1% improvement on a year-over-year basis.
Cablevision is struggling in the face of mounting competition from on-demand video services such as Netflix (NAS: NFLX) , as well as companies relatively new to the business such as Amazon (NAS: AMZN) . It also has to contend with the offerings of satellite providers such as DISH Network (NAS: DISH) .
The New York-based provider is laboring to restore service to households affected by Hurricane Sandy. "Our number one challenge continues to be Cablevision households without electrical power and we are moving quickly to restore our service once power returns," said CEO James L. Dolan in a company press release today. "As of today, the vast majority of our Optimum WiFi hotspots are operational across the tri-state region and providing service to our customers."
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