Profits Rise 16% at Comcast as NBC, Cable Outperform
Comcast (NASDAQ:CMCSA) posted a 16% rise in second-quarter profits on Wednesday as the cable giant capitalized on strength in its cable and NBC Universal businesses.
The Philadelphia-based company said it earned $1.02 billion, or 37 cents a share, last quarter, compared with a profit of $884 million, or 31 cents a share, a year earlier. Excluding one-time items, it earned 42 cents a share, topping the Streets view by a penny.
Comcast, which acquired majority control of NBC Universal from General Electric (NYSE:GE) last year, said its revenue climbed 51% to $14.3 billion, exceeding consensus calls for $13.83 billion.
In cable we saw continued improvement in customer metrics, real strength in our high-speed internet service and strong momentum in business services, CEO Brian Roberts said in a statement. I am also pleased with the performance of NBCUniversal, which posted double-digit revenue growth in each of its segments.
Comcast, which is the nations largest cable operator, said it lost 238,000 video subscribers, but added 144,000 Internet customers.
At NBCU, revenue jumped 17% to $5.18 billion as revenue at its cable networks rose 12.6% to $1.93 billion. Revenue at broadcast television leaped 18.5% to $1.43 billion, while filmed entertainment revenue soared 21% to $1.04 billion.
Shares of Comcast jumped 1.63% to $23.10 ahead of Wednesdays opening bell. Comcast has gained almost 4% year-to-date.