Cox Says Sprint PCS Stake Led to Loss

Cable television operator Cox Communications Inc. reported sharply higher second-quarter revenue driven by subscriber growth, but said a decline in the value of its Sprint PCS stake led to a loss.

Cox reported a second-quarter net loss of $516.2 million, or 86 cents a share, including $813.8 million in losses on its Sprint PCS and other investments, compared with a profit of $30.7 million, or 5 cents a share a year ago.

Cox’s operating cash flow rose 16% to $441.9 million, compared with $382.1 million, at the higher end of analysts’ estimates of $427.4 million to $446 million, as compiled by research firm Multex.

Revenue for the quarter rose 19% to $1.24 billion from $1.05 billion, also at the high end of analysts’ expectations of $1.15 billion to $1.24 billion.