Time Warner Cable to Eliminate 1250 Positions

Time Warner Cable will cut nearly 3% of its workforce, but forecast 2009 profits near the high end of expectations.

Shares of the number two US cable service provider rose 3.4% after it also reported higher-than-expected Q4 profits.

The New York-based company lost more than 119,000 basic video subscribers in the quarter, and sold 175,000 new services.

The company will slash 1,250 jobs during 2008, and focus more on managing its operating and capital spending.