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Neil Smit

WSJ UPDATE: Comcast 1Q Profit Rises 30% As Video Losses Slow

Comcast Corp. (CMCSK, CMCSA) reported a 30% higher first-quarter profit as strength in its broadband business helped offset weaker results from its TV networks.Revenue increased 23% to $14.88 billion, although that growth was only 9.6% on a pro forma basis, in which the numbers are accounted as if the NBCUniversal acquisition was effective on Jan. 1, 2010. Comcast acquired a majority stake in NBCUniversal at the end of January last year.Comcast's strong performance in its broadband and business services divisions show how video has become less of a source of growth for cable operators as the pay-TV market has matured and rising television-programming costs put pressure on video revenue. Revenue from the sale of high-speed Internet via broadband rose 10% while video revenue only grew 1.6%. Comcast on Wednesday said it added 439,000 residential broadband subscribers during the first quarter, a 5% increase. Business services, a smaller part of the cable unit, also posted strong growth.In ...

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