NEW YORK (TheStreet) -- Cablevision System Corp. (CVC) shares are down 0.88% to $20.21 in early market trading on Monday after the pay TV service provider said that its video subscriber losses doubled from the year ago period in the first quarter.
The Bethpage, NY-based company said that it lost 28,000 subscribers in the first quarter, the eleventh consecutive quarter the company has reported losing subscribers, after losing 14,000 in the year ago period.
Despite the loss of subscribers the company did report strong financial results from the quarter as revenue for the period rose year over year to $1.61 billion from $1.58 billion while operating cash flow rose 4.5% to $454 million. The company also reported net income of 20 cents per share.
Analysts on average forecast earnings of 17 cents per share on revenue of $1.6 billion.
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 solid stock price performance, revenue growth and good cash flow from operations. However, as a counter to these strengths, we find that the growth in the company's earnings per share has not been good."