Comcast Corp. (Nasdaq: CMCSA, CMCSK)'s video subscriber base continues to erode as the cable giant waved goodbye to 39,000 more video subscribers during the first three months of 2011.

But Comcast, now with 23.47 million video subscribers overall, showed growth in broadband subscribers as it reported its first-quarter results today.

The Comcast added 418,000 more broadband subscribers in the quarter, giving it a total of 16.4 million. The company also added another 260,000 voice subscribers.

The MSO's cable revenues were $9.1 billion, and its business services revenues jumped nearly 50 percent in one quarter to $394 million. (See Cable's $5B Biz Services Bonanza .)

Comcast beat Wall Street expectations as it reported a profit of $943 million, or 34 cents a share, on revenues of $12.1 billion. Those results include two months of NBCUniversal LLC figures.

Capex for the quarter was $1.1 billion, up 15.4 percent, as the MSO moved ahead with an all-digital initiative that requires the deployment of millions of Digital Terminal Adapter (DTA) digital-to-analog converter boxes. Comcast's Docsis 3.0 network upgrades and its business services investments also contributed to the capex spike. (See Comcast's $1B Bandwidth Plan and Comcast Chases Big[ger] Business .)

Comcast execs are scheduled to expand on first-quarter results Wednesday morning.

— Jeff Baumgartner, Site Editor, Light Reading Cable