Time Warner Cable (s TWC), a major broadband provider, saw its broadband subscription growth slow during the second quarter of 2013 ending June 30, according to the recently announced financial results. The New York-based company added 8,000 new residential broadband customers during three months ending June 30, 2013 down sharply from the 59,000 net new subscribers it added for the same three months in 2012. Time Warner cable now has 11.07 million broadband subscribers. During the quarter the company made $1.42 billion from residential broadband — up 12.5 percent from $1.27 billion it made from selling broadband during the same period last year.
The slowing growth for Time Warner Cable broadband can be explained by two trends: increased competition especially in their core home market of New York, where Verizon has launched its fiber service. In other regions, the phone companies are being pretty aggressive against a company whose is stingy about spending money on infrastructure. Their declining fortunes are in sharp contrast with Comcast, which continues to gain broadband subscribers despite its size.
The video customers took a nosedive as well — down 191,000 — and voice customers were down as well by 56,000 during the quarter ending June 30, 2013. In comparison, the company lost 169,000 video subscribers and added 45,000 subscribers during the same quarter last year. On the business front things were not as gloomy — Time Warner Cable added 13,000 new business broadband customers, 13,000 voice customers and 2,000 video customers.