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Comcast Q1 net income rose to $3.55 billion or $0.77 per share

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Christian Fernsby |
Comcast
Comcast   Revenue for the quarter grew 17.9 percent to $26.86 billion

Comcast reported a 14 percent increase in profit for the first quarter from last year on a double-digit growth in revenues.

Adjusted earnings per share for the quarter beat analysts' expectations, while revenues missed their estimates.

Net income attributable to Comcast for the first quarter rose to $3.55 billion or $0.77 per share.

Excluding items, adjusted earnings for the quarter were $0.76, compared to $0.65 per share in the prior-year period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share.

Analysts' estimates typically exclude special items.

Revenue for the quarter grew 17.9 percent to $26.86 billion from $22.79 billion in the same period last year.

Analysts had a consensus revenue estimate of $27.21 billion.

Revenue for Cable Communications increased 4.2 percent to $14.3 billion in the quarter, driven primarily by increases in high-speed internet and business services revenue.

Total customer relationships increased by 3.6 percent to 30.7 million in the quarter and include net additions of 300,000, representing an improvement of 19,000 from the year-ago period.

Total high-speed Internet customers increased by 375,000 in the quarter, while total video customer net losses were 121,000.

However, revenue for NBCUniversal decreased 12.5 percent to $8.3 billion from last year, when results included an incremental $1.6 billion of revenue generated by the broadcasts of the 2018 PyeongChang Olympics and the NFL's Super Bowl LII at the company's TV businesses.

Cable Networks and Broadcast Television revenue collectively decreased 19.8 percent, while Filmed Entertainment revenue grew 7.4 percent to $1.8 billion.

Revenue from British Broadcaster Sky, which Comcast has acquired, decreased 5.0 percent from last year to $4.8 billion on a pro forma basis.


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