Comcast said its quarterly profit and revenue topped estimates as the nation's largest cable operator reported higher sales from its NBCUniversal cable channels and broadcast networks.
Continue Reading Below
Net income rose 16.5 percent to $2.3 billion, or 95 cents a share, during the company's fourth quarter ended Dec. 31.
Excluding items, earnings per share were 89 cents. Revenue rose 9.2 percent to $21.03 billion.
Analysts had expected 87 cents per share and revenue of $20.68 billion, according to Thomson Reuters I/B/E/S.
Comcast is grappling with competition from cheaper streaming options such as Netflix Inc, who last week reported strong subscriber numbers in the last quarter of 2016.
Investors are also keeping a close watch on whether the company could face new competition if AT&T Inc's proposed $85.4 billion acquisition of Time Warner Inc is approved by regulators. AT&T said on Wednesday that it expects approval for the deal later this year.
Revenue at NBCUniversal, which Comcast acquired in 2011, rose 13 percent, helped by the popularity of Thursday Night Football and primetime shows such as "This Is Us."
In the cable segment, revenue rose 7 percent as the company added video subscribers. In November, Comcast made Netflix available through the cable operator's X1 set-top box.
(Reporting by Anjali Athavaley; Editing by Lisa Shumaker)