Time Warner Cable Inc. TWC reported better-than-expected financial numbers in the first quarter of 2016, wherein both the top and bottom line surpassed the respective Zacks Consensus Estimate.Quarterly GAAP net income came in at $494 million or $1.72 per share, up from $458 million or $1.59 per share in the prior-year quarter. Quarterly adjusted (excluding special items) earnings per share of $1.81 beat the Zacks Consensus Estimate of $1.73.Quarterly revenues came in at $6,191 million, up 7.2% year over year and ahead of the Zacks Consensus Estimate of $6,119 million.Quarterly adjusted operating income before depreciation and amortization (OIBDA) rose 8.2% year over year to $2,159 million. Also, operating income increased 5.6% to $1,145 million.In the reported quarter, Time Warner Cable generated $1,608 million of cash from operations, compared with $1,508 million in the year-ago quarter. Free cash flow in the first quarter of 2016 was $346 million, as against $407 million in the prior-year quarter.At the end of first-quarter 2016, Time Warner Cable had $1,297 million in cash and cash equivalents, compared with $1,170 million at the end of 2015. Total long-term debt stood at $22,487 million, as against $22,497 million at 2015 end.Residential ServicesQuarterly revenues were $4,934 million, up 5.8% year over year. Within the segment, video revenues totaled $2,508 million, up 1.6%. High-speed data revenues were $1,897 million, up 11.9%. Voice revenues came in at $504 million, up 6.6%. Other revenues were $25 million, up 4.2%.Subscriber Statistics:In first-quarter 2016, video subscriber count increased by 21,000 to 10.842 million. High-speed data subscribers rose by 314,000 to 12.989 million. The voice subscriber tally increased 178,000 to 6.498 million. Single-play added 116,000 to reach 5.868 million, while double-play subscribers lost 37,000 to 4.030 million. The triple-play customer base added 157,000, taking the total count to 5.467 million.Business ServicesQuarterly revenues stood at $886 million, up 13.4% year over year. Within the segment, video revenues were $100 million, up 6.4%. High-speed data revenues grossed $447 million, up 18.9%. Voice revenues totaled $161 million, up 13.4%. Wholesale transport revenues were $130 million, up 7.4%. Other revenues remained flat at $48 million.Subscriber Statistics: In first-quarter 2016, video subscriber count remained flat at 214,000. High-speed data subscribers rose by 13,000 to 651,000. The voice subscriber tally went up 11,000 to 386,000. Single-play subscribers increased 4,000 to 366,000, while double-play subscribers added 7,000 to reach 312,000. The triple-play customer base added 2,000, taking the total count to 87,000.Other Operational SegmentQuarterly revenues at the segment were $440 million, up 10.6% year over year. Within the segment, advertising revenues grossed $244 million, up 6.1%. Other revenues totaled $196 million, up 16.7%.Recent DevelopmentsIn May 2015, Charter Communications Inc. CHTR reached an agreement to buy Time Warner Cable. The total value of the deal stands at $78.7 billion, including debt. Taking into account Time Warner Cable's diluted shares outstanding as of Mar 31, 2015, the stock portion of the deal has been pegged at $55.76 billion.Notably, the U.S. pay-TV industry is at present witnessing a series of consolidations. AT&T Inc. T has acquired satellite TV operator DIRECTV. Moreover, European cable TV operator Altice N.V. has decided to acquire Cablevision Systems Corp. CVC.Time Warner Cable currently carries a Zacks Rank #4 (Sell).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AT&T INC (T): Free Stock Analysis Report CABLEVISION SYS (CVC): Free Stock Analysis Report TIME WARNER CAB (TWC): Free Stock Analysis Report CHARTER COMM-A (CHTR): Free Stock Analysis Report To read this article on Zacks.com click here.