NEW YORK (TheStreet) -- Shares of Cablevision Systems Corp (CVC) stock are slumping -4.88% to $18.50 after the cable company reported a continuing decline in subscribers from the previous quarter, as it cut down on promotions and raised prices, Reuters reports.
In the second quarter, total customers declined by -0.7% to 3.2 million from the first quarter, and down -1.8% year-over-year.
The cable operator reported second quarter profit of $94.2 million, or 35 cents a share, down from $135.4 million, or 51 cents a share in the same quarter a year ago.
Revenue improved 3.7% from the second quarter of 2013 to $1.63 billion.
Separately, TheStreet Ratings team rates CABLEVISION SYS CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CABLEVISION SYS CORP (CVC) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and revenue growth. However, as a counter to these strengths, we find that the stock has experienced relatively poor performance when compared with the S&P 500 during the past year.