Comcast reported a better-than-expected third quarter thanks in part to the growth in popularity of its digital services. Net income was $1.2 billion, or 58 cents, compared with $222 million, or 10 cents, a year earlier. Revenue soared 22 percent to $6.43 billion. Profits were helped by its recent acquisition of Adelphia and the popularity of its “triple play” of digital video, Internet and phone services. Without one-time items, profit was $548 million, or 26 cents per share. On that basis, analysts had expected profit of 19 cents per share on sales of $6.41 billion, according to Thomson Financial.
Some highlights:
–Video revenue rose 9 percent to $4.2 billion, as the company addded 558,000 new digital subscribers helped by the growing popularity of features such as On Demand, digital video recorders and HDTV programming. Penetration now exceeds 50 percent. As of September 30, 6.2 million customers subscribed to Comcast digital cable.
— High-speed interent revenue jumped 22 percent to $1.4 billion as the number of subscribers soared 20 percent. The company ended the quarter with 11 million customers for the service.
— Phone revenue jumped 51 percent to $252 million. The addition of 483,000 subscribers was offset by the loss of 102,000 circuit-switched customers.
Earnings Release | Conference Call (replay) | Transcript (SeekingAlpha.com)
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