Comcast Corporation posts better-than-expected first-quarter profit
The largest US cable operator, Comcast Corporation has posted better-than-expected first-quarter profit, as a result of strong growth in its high-speed Internet and business services.
On Monday morning, Comcast's shares went up by about 2% in pre-market trading after closing at $58.41 on Friday on the Nasdaq.
In the last quarter, Comcast increased its stock buyback program to $10 billion. The cable operator said that it would now earmark $6.75 billion for 2015, which is higher as compared to the $4.25 billion that it had previously set aside for the year.
Last month, Comcast abandoned its proposed $45 billion merger with Time Warner Cable Inc.
On Monday the cable operator said that its total revenue has shown 2.6% rise to $17.9 billion in the quarter ended March 31.
Net income attributable to Comcast has also shown 10% rise to $2.1 billion, or 81 cents per share, from a year earlier.
Comcast has got 79 cents per share profit after excluding items, including investments and acquisition-related items. According to Thomson Reuters I/B/E/S./, this beat analysts' were estimating 74 cents per share.
The company said that it has lost 8,000 subscribers from January through March, as compared to the 24,000 additions a year earlier. It added video customers last quarter.
As pay TV operators have been fighting to keep customers amidst intense competition from streaming video services, Wall Street is keeping a close watch on the number of new video subscribers.
The number of Comcast's high-speed internet customers has shown 6.2% rise to 407,000. Revenue from that business has gone 11% up, reaching to $3.04 billion, which is the highest growth rate in four years. Business services revenue has also went up by 21.4% to $1.11 billion.
At NBC Universal, revenue has shown 4% fall to $6.6 billion as compared to a year earlier, when it benefited from the 2014 Sochi Olympics. NBC Universal revenue would have increased about 8%, if the Olympics and the 2015 Super Bowl are excluded.
- 81% Hotel Occupancy Decline in India while Singapore manages with just 29.2%
- Prakash Gaba: BUY HDFC, HCL Technologies, Godrej Consumer and UltraTech Cement
- Ashwani Gujral: BUY Hero MotoCorp, Maruti and HDFC; SELL JSW Steel and SBI
- Singapore’s Marina Bay Sands, Resorts World Sentosa casinos to remain closed beyond June 1
- Mitesh Thakkar: BUY Cipla, Balkrishna Industries, ACC; SELL M&M Finance
- Okada Manila Casino Resort to lay off more than 1,000 workers amid continuing COVID-19 lockdown
- Dubai Expo Moved to October 2021
- Dubai Faces Major Economic Trouble due to COVID-19 Lockdowns
- California Governor Gavin Newsom asks casinos to reconsider reopening plans
- Emirates announces more Special Flights
Organic Market Europe
Arca Space Corporation has launched an actual...Read More
New ads for Louis Vuitton's ‘Series 4’ line feature...Read More
A team of geneticists from Trinity College Dublin...Read More
Marine wildlife researchers claimed to have...Read More
The overall ‘asthma epidemic’ among children has...Read More
People in huge numbers gathered in the Mount Lofty...Read More