Sci & Tech

Comcast Profit Beats Estimates

Comcast Profit Beats Estimates
Comcast Profit Beats Estimates

Comcast Corp, the largest US cable operator, posted better-than-expected first-quarter profit, driven by strong growth in its high-speed internet and business services, Reuters reported on Monday.

Comcast, which increased its stock buyback program to $10 billion last quarter, said it would now earmark $6.75 billion for 2015, higher than the $4.25 billion it had previously set aside for the year.

Comcast, which abandoned its proposed $45 billion merger with Time Warner Cable Inc in late April, said on Monday its total revenue rose 2.6 percent to $17.9 billion in the quarter ended March 31.

Net income attributable to Comcast rose 10 percent to $2.1 billion, or 81 cents per share, from a year earlier. Profit was 79 cents per share after excluding items such as investments and acquisition-related items. This beat analysts' estimates of 74 cents per share, according to Thomson Reuters I/B/E/S.

The company, which added video customers last quarter, said it lost 8,000 subscribers from January through March, compared to the 24,000 additions a year earlier. New York's Wall Street keeps a close watch on the number of new video subscribers as pay TV operators fight to keep customers amidst intense competition from streaming video services.

The number of Comcast's high-speed internet customers rose by 6.2 percent to 407,000. Revenue from the business was up about 11 percent to $3.04 billion.