Comcast 1Q earnings climb 9 pct to beat Street

May 04, 2011 By PETER SVENSSON , AP Technology Writer
In this Feb. 15, 2011 photo, a Comcast logo is displayed on an installation truck in Pittsburgh. Comcast Corp. reports quarterly financial earnings Tuesday, May 3, 2011, after the market close. (AP Photo/Gene J. Puskar)

(AP) -- Comcast Corp., the country's largest cable TV company, on Tuesday said earnings exceeded estimates for the first quarter, helped by healthy results both in its cable operations and the newly acquired NBC Universal business.

Comcast says it lost just 39,000 cable TV customers in the quarter, its lowest attrition in four years. have been losing customers to satellite and phone company services.

Even though Comcast did a better job of keeping subscribers, Internet video company Netflix Inc. surpassed Comcast in the quarter. Netflix ended March with 22.8 million U.S. subscribers, about 34,000 more than Comcast.

But Comcast is benefiting from the growing popularity of and other Internet services that require high-speed Internet connections. In the first quarter, it added ten customers for every TV customer it lost. That indicated Comcast is picking up market share from phone companies and other Internet service providers.

The Philadelphia-based company reported net income of $943 million, or 34 cents per share, for the first three months of the year. That's up 9 percent from $866 million, or 31 cents, a year ago.

Excluding costs related to the NBC deal, which closed in January, earnings came to 36 cents per share. That topped the 34 cents average expected by analysts polled by FactSet.

Revenue rose 32 percent to $12.1 billion. That also beat the $11.45 billion expected by analysts. Revenue from last year's quarter didn't include NBC Universal.

At NBC Universal, revenue fell because last year's figure was boosted by the Winter Olympics. Excluding the Olympics, revenue rose 5 percent, helped chiefly by its , which include Bravo, E! and USA. Advertising revenue climbed 14 percent at the cable networks, continuing a post-recession recovery that has been lifting the results of most TV station owners.

Comcast paid General Electric Co. $13.75 billion in cash and assets for 51 percent of NBC Universal in a deal that closed in January. Comcast's first-quarter results include two months of NBC Universal's.

shares rose 50 cents, or nearly 2 percent, to $27.11 in extended trading, after the release of the results. In Tuesday's regular trading, the shares hit $26.92, the highest level since 2007.

Explore further: Record labels sue Pandora over older songs

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Comcast 2Q profit dips on NBC Universal deal costs

Jul 28, 2010

(AP) -- Comcast Corp. reported lower second-quarter earnings Wednesday partly because of costs related to its pending takeover of NBC Universal, yet it saw improvements in advertising and demand for pricier ...

Comcast drives growth with pricier bundles

Oct 27, 2010

(AP) -- Comcast Corp., the country's biggest cable TV company, continues to generate more money by attracting customers to pricier bundles of TV, Internet and phone service - even as a sluggish economy hampers ...

Comcast 4Q profit up on revenue boost, tax gain

Feb 03, 2010

(AP) -- Comcast Corp. reported sharply higher fourth-quarter earnings, propelled mainly by a boost in broadband and phone revenue, and unveiled a new brand for its core cable TV operations as it transforms ...

Comcast, NBC to sell 1 TV station in Los Angeles

May 10, 2010

(AP) -- NBC Universal will sell one of the three Los Angeles stations it owns as cable TV provider Comcast Corp. tries to clear regulatory hurdles so it can acquire a controlling stake in the entertainment company.

Comcast CEO says law protects rivals in NBC deal

Jan 27, 2010

(AP) -- Comcast Chief Executive Brian Roberts says existing law would prevent the cable TV operator from denying satellite TV companies and other rivals access to NBC Universal programming on reasonable terms.

Recommended for you

Record labels sue Pandora over older songs

48 minutes ago

Major record labels are suing Internet radio giant Pandora for copyright infringement for using songs recorded before 1972 without paying license fees.

Weibo IPO below expectations, raises $285.6 mn

14 hours ago

Sina Weibo sold fewer shares than expected in its US IPO which was priced below expectations ahead of a Thursday listing that takes place after tech selloffs on Wall Street.

'Chief Yahoo' David Filo returns to board

15 hours ago

Yahoo announced the nomination of three new board members, including company co-founder David Filo, who earned the nickname and formal job title of "Chief Yahoo."

Fired Yahoo exec gets $58M for 15 months of work

15 hours ago

Yahoo's recently fired chief operating officer, Henrique de Castro, left the Internet company with a severance package of $58 million even though he lasted just 15 months on the job.

User comments : 0

More news stories

Hackathon team's GoogolPlex gives Siri extra powers

(Phys.org) —Four freshmen at the University of Pennsylvania have taken Apple's personal assistant Siri to behave as a graduate-level executive assistant which, when asked, is capable of adjusting the temperature ...

Better thermal-imaging lens from waste sulfur

Sulfur left over from refining fossil fuels can be transformed into cheap, lightweight, plastic lenses for infrared devices, including night-vision goggles, a University of Arizona-led international team ...

Researchers discover target for treating dengue fever

Two recent papers by a University of Colorado School of Medicine researcher and colleagues may help scientists develop treatments or vaccines for Dengue fever, West Nile virus, Yellow fever, Japanese encephalitis and other ...