May 02, 2012 at 09:13 AM EDT
Comcast Q1 Beats, But Misses Investors’ Expectations
Shares of Comcast (CMCSA) were falling after the cable company’s first quarter report, despite top- and bottom-line beats. Before the bell, Comcast said it logged a profit of $1.22 billion, compared with $943 million in the year-ago period. On a pro forma basis, excluding one-time items, earnings per share rose to 45 cents from 36 [...]
Before the bell, Comcast said it logged a profit of $1.22 billion, compared with $943 million in the year-ago period. On a pro forma basis, excluding one-time items, earnings per share rose to 45 cents from 36 cents. Total revenue jumped 23% to $14.88 billion.
The results beat analysts expectations of 42 cents EPS on $14.43 billion in revenue.
Comcast continued to lose video subscribers but the rate of subscriber defections slowed for the sixth consecutive quarter to 37,000, a 5% improvement, the company said. The company added 439,0000 residential broadband subscribers during the first quarter, a 5% increase, while new voice subscribers fell 37% from a year earlier to 164,000.
NBC’s revenue grew 18% to $5.47 billion.Revenue from video subscriptions increased 1.6% to $4.97 billion, and broadband revenue grew 10.3% to $2.32 billion. Revenue from business services increased 37% to $541 million.
Citi analyst Jason Bazinet reiterated his Buy rating on the stock, calling it “a solid quarter,” but noting that expectations were very high, which likely accounts for the stock’s fall this morning.
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