Comcast Loses Video Subs, Profits Surge
The nation's largest MSO reported net income of $1.02 billion, or 37 cents per share, on revenues of $14.3 billion. That's up from a profit of $884 million, or 31 cents per share, reported a year earlier.
After one-time costs (including transaction charges related to the NBCUniversal acquisition and an income tax charge) Comcast's profit was 42 cents per share. Analysts polled by Thomson Reuters expected a profit (after one-time costs) of 41 cents per share on revenues of $13.7 billion.
Comcast, continuing a weak second-quarter trend that has affected all MSOs, lost 238,000 basic video customers during the three months to the end of June, giving it a new total of 22.53 million. (See Charter Suffers Further Video Subs Losses .)
It more than made up for it by adding 144,000 high-speed Internet customers, taking its total to 17.55 million, and 193,000 voice subs to take that total to 9.06 million.
Its business services unit remained a bright spot, posting $435 million in revenues, a 41.7 percent year-over-year increase.
— Jeff Baumgartner, Site Editor, Light Reading Cable