It�s been a down day for Cablevision System (CVC) after it reported dismal subscriber losses in the wake of Hurricane Sandy.
For its fourth quarter, the cable provider reported earnings of $116.5 million, or 45 cents a share, compared to $60.6 million, or 22 cents a share, a year prior. Revenue in the quarter came in at $1.66 billion. The profit increase was due to a $200 million gain after it settled a lawsuit with Dish Network (DISH).
Analysts polled by Thomson Reuters forecast earnings of 8 cents on revenue of $1.7 billion.
Losses due to Hurricane Sandy topped $111 million and included a decline in video subscribers by 50,000. Cablevision also lost 5,000 high speed data subscribers and 10,000 voice subscribers.
Shares were walloped, falling 9% in trading Thursday.
Cablevision is currently engaged in an antitrust lawsuit against rival Viacom (VIAB) alleging that it bundled the lesser-popular channels with the more popular networks.
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