Revenue jumps at Comcast
A boost in digital cable and high-speed Internet access customers led Comcast Corp. to a 16 percent year-over-year increase in revenue.
The cabler posted revenue of $2.71 billion, which topped analyst consensus estimates of $2.66 billion, according to Thomson Financial/First Call.
Adjusted net income, excluding nonoperating items, amounted to $140.3 million, or 15 cents per share. It fell short of analysts' average estimates of 19 cents a share, but was up from $99 million, or 10 cents per share, during the second quarter 2001.
The company's cable business posted revenue of $1.5 billion, up from $1.4 billion in Q2 2001. The main drivers of cable revenue growth were digital cable and high-speed Internet services. During the quarter, the company added 198,000 digital cable boxes, to end the quarter with 2.7 million boxes in service. The division also added 128,400 high-speed Internet customers to end the quarter with 1.7 million subscribers. Comcast raised its range estimates for 2002 digital cable subscription additions from 600,000 to 700,000 to a range of 700,000 to 800,000.
Comcast expects its merger with AT&T Broadband to close by the end of the year. Steve Burke has been tapped to lead the newly formed AT&T Comcast.