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Earnings: Comcast Profits Gain 53 Percent With Tax Boost

It looks like the recession is good for the cable industry. Although Cablevision’s recent earnings report was a bit mixed, Comcast (NSDQ: CMCSA) reported a pretty strong Q2, as profits rose 53 percent to $967 million ($0.33 per share) boosted by favorable tax settlements and revenues were up 4.5 percent to $8.94 billion. The company handily beat analysts’ expectations, as a *Thomson Reuters* poll (via WSJ) called for EPS of $0.26 on revenues of $8.5 billion.

2Q 2009 2Q 2008 Analysts Estimates For 2009
EPS $0.33 $0.21 $0.26
Net Income $967M $632M NA
Revenue $8.94B $8.55B $8.5B

Earnings release | Webcast | Slides

Still advertising remains an area that is still very much affected by the recession and Comcast was not immune to the continued tightening of marketers’ budgets. Revenue from the Cable segment grew 4.6 percent to $8.5 billion, thanks to continued additions of residential and business subs. The cable segment’s gains were offset by lower ad revenue, the company said.

The monthly average total revenue per video customer was up 7.4 percent to $117.74. By the end of Q2, Comcast

One Response to “Earnings: Comcast Profits Gain 53 Percent With Tax Boost”

  1. Charles Poyer

    After looking at my latest bill from them, I'm not surprised Cablevision's doing so well in the recession. The company charges an arm and a leg for average service – I wish I had other cable options besides putting a satellite dish on my home. We need open cable markets!