Comcast Profit Flat for Third Quarter Thursday November 3, 7:47 am ET Comcast Profit Flat for Third Quarter, Revenue Increases to $5.58 Billion
PHILADELPHIA (AP) -- Comcast Corp., the nation's largest cable TV systems operator, said Thursday that profit for the third quarter was essentially flat, even as revenue from digital cable and high-speed Internet services showed improvement. ADVERTISEMENT
Net income amounted to $222 million, or 10 cents per share, compared with $220 million, or 10 cents per share, a year earlier.
Revenue rose to $5.58 billion from $5.1 billion.
Comcast said revenue at its cable operations increased 10 percent to $5.3 billion. Higher monthly revenue per subscriber for its basic services, plus a 12 percent increase in digital subscribers, led to an almost 6 percent increase in video revenue. The division added 307,000 new digital subscribers during the quarter, and said 44 percent of its basic customers now subscribe to digital services.
The number of basic subscribers was essentially unchanged at 21.4 million.
Comcast said revenue from its high-speed Internet service rose 26.1 percent to $1 billion in the third quarter, reflecting a 24.2 percent increase in subscribers and strong average revenue per subscriber.
The cable operator lowered its estimate for full-year growth in operating cash flow to 13 percent from a previous range of 14 percent to 15 percent, citing costs for launching coverage of National Hockey League games on its Outdoor Life Network and other content spending. Free cash flow, which excludes interest, income taxes and capital spending, is expected to grow by 30 percent, compared with a previous estimate of 35 percent to 45 percent, reflecting additional spending on set-top boxes and the digital video service.