CANNES - Shares in Sky Deutschland, the German pay-TV group controlled by Rupert Murdoch's News Corp,? shot up Thursday on first quarter results that showed a drop in losses and subscriber growth.
Sky stock closed up 7.75% after the German group said subscribers rose to 2.72 million in Q1, compared to less below 2.5 million this time last year. Revenue was up 15% to $385 million (?269.6 million) and operating losses down to $124 million (?86.9 million) from ?97 million in Q1 2010. Perhaps more significantly, Sky chopped its churn rate, the rate at which new customers cancel their subscriptions, in half to just under 10%.
Sky Deutschland CEO Brian Sullivan said the company would continue to trim losses but would still end the year in the red.
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