Comcast's second-quarter profit rises 64%
Copyright 2005 MarketWatch.com Inc., All Rights ReservedCBS MarketWatchAugust 2, 2005 Tuesday 10:22 AMDavid B. Wilkerson, MarketWatchFrom Lexis Nexis
SAN FRANCISCO (MarketWatch) -- Comcast Corp., the largest U.S. cable-television operator, said Tuesday that second-quarter profit rose 64% on increased demand for digital video and broadband services.
Philadelphia-based Comcast (CMCSA) (CMCSK) reported earnings of $430 million, or 19 cents a share, up from $262 million, or 12 cents, earned in the year-ago second quarter.
Revenue rose 10.5%, reaching $5.6 billion from $5.07 billion.
Analysts polled by Thomson First Call had been expecting a profit of 15 cents a share on revenue of $5.54 billion.
Comcast's shares rose 37 cents, or 1.2%, to stand at $30.98 in morning trading.
"We are extending our competitive advantage with industry-leading products," said Chairman and CEO Brian Roberts in assessing Comcast's results.
Cable revenue rose 10% to $5.33 billion in the latest quarter, with video revenue up 6% to $3.44 billion.
Basic cable subscribers fell by 77,000 customers in the period, as Comcast ended the quarter with 21.4 million.
Comcast added 284,000 new digital cable customers, for a total of 9.14 million.
Broadband revenue rose 29% to $982 million, as the company added 297,000 customers to end the quarter with 7.7 million high-speed users.
Average monthly revenue per Internet subscriber rose to $43.34 from $42.81 in the first quarter of 2005, Comcast said.
The company added 15,000 digital telephone subscribers in the quarter.
Advertising revenue rose 10% to $362 million.