Entertainment and telecommunications company
said its consolidated revenue for the first quarter grew by 5%, primarily because of strong results in its cable and telecommunications services.
The company posted net revenue of $1.1 billion, up from $1.05 billion a year ago and ahead of analyst estimates of $964.5 million. Cablevision said its telecommunications revenue was $593.1 million, a 13% increase from a year ago; its Rainbow Media Group, which includes the cable channels AMC, Bravo, IFC, WE and others, posted a 15% increase in revenue for the quarter.
Cablevision said its net loss for the quarter was $249.6 million, or $1.45 a share, including investment losses, reversing a year-ago profit of $1.13 billion, or $6.32 a share, which included the sale of some of its cable assets to
The Cablevision NY Group, which includes the company's cable operations, sports teams, movie theaters and The Wiz electronics stores, posted a loss of $255 million, compared with a year-ago profit of $1.137 billion.
Shares of Cablevision closed Wednesday at $25.80.