COMPANY TOWN: EARNINGS ROUNDUP / DIRECTV GROUP
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DirecTV Group Inc., the nation’s largest satellite TV provider, said first-quarter earnings fell 46% even as subscriber growth hit a four-year high. The recession was largely to blame: The company increased promotions and customers pared their spending for premium channels and pay-per-view.
The El Segundo company earned $201 million, or 20 cents a share, down from $371 million, or 32 cents, a year earlier. Revenue climbed 7% to $4.9 billion.
Analysts expected profit of 33 cents a share on revenue of $4.96 billion, according to a Thomson Reuters poll.
DirecTV’s number of net new subscribers surged 67% to 460,000, while its customer turnover rate hit a 10-year low. .
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