PHILADELPHIA – Comcast Corp. on Wednesday reported first-quarter earnings of $2.13 billion, surpassing Wall Street’s expectations with help from an increase in subscriber numbers.
The company added 53,000 video subscribers during the quarter, appeasing fears about “cord-cutters” who get rid of cable subscription in favour of video streaming services like Netflix and Hulu. In all, Comcast added 269,000 subscribers during the quarter, up nearly 36 per cent from the same period a year earlier.
On a per-share basis, the Philadelphia-based company said it had profit of 87 cents. Earnings, adjusted for non-recurring gains, came to 84 cents per share.
The average estimate of 22 analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.
The cable provider posted revenue of $18.79 billion in the period, also surpassing Street forecasts. Twenty analysts surveyed by Zacks expected $18.65 billion.
But Comcast’s shares fell 38 cents to $60.67 in morning trading. Comcast shares have climbed 8 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 2 per cent. The stock has risen almost 4 per cent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CMCSA at http://www.zacks.com/ap/CMCSA
Keywords: Comcast, Earnings Report, Priority Earnings