Comcast Broadcasts Strong Q1 Earnings

Comcast Corporation

is riding high on Wednesday after reporting strong first-quarter results. The Philadelphia-based firm's EPS jumped 20 percent to $0.54, beating estimates of $0.50. Revenue climbed 2.9 percent year-over-year to $15.31 billion, falling just short of the $15.41 billion analysts expected.

Comcast's NBC Universal business dropped 2.4 percent during the quarter. The decline was led by a 18.5 percent plunge in broadcast television revenue. Most of that was due to the fact NBC generated $259 million from the Super Bowl in Q1 2012 and did not host the game in 2013. Excluding the effects of the Super Bowl, the broadcast television division dropped a more modest 5.3 percent. Meanwhile, the theme parks division of this business soared 12.2 percent, driven by increased attendance at the cable giant's Orlando and Hollywood parks. And, while cable network revenue increased 4.6 percent, the company noted lower ratings during the quarter. Lower ratings have plagued cable providers in recent years, perhaps as consumers switch to mobile sources of entertainment and/or cut the cord to save money.

Comcast's cable communications business increased a healthy 6.4 percent year-over-year, led by a 27.5 percent surge in business services revenue. All other divisions in this segment experienced single-digit growth.

The nation's largest cable company lost a net of 60,000 video customers during the quarter and now has less than 22 million. This is in line with the mentioned lower ratings, as traditional television slowly declines in the United States. However, the company added 211,000 voice customers, growing seven percent to over 10 million subscribers. And, its high-speed Internet customer base grew an impressive 6.5 percent, as the company added 433,000 customers for a total of 19.8 million.

According to Comcast, Jay Leno has held the top spot versus his ABC and CBS rivals since his return in March of 2010 and for the 14 seasons prior to his departure in May of 2009. However, the legendary comedian is set to leave again in spring of 2014. Leno will be replaced by Late Night host Jimmy Fallon. The former Saturday Night Live star is currently at the top of the ratings in his 12:35 am EST timeslot. But, it remains to be seen whether he can hold the top spot (and the associated ad revenue) against the likes of David Letterman after the departure of the iconic Tonight Show host.

Comcast has risen to a three-week high on word of its successful first quarter. The stock has climbed to around $42 in the morning hours of trading. Comcast is up approximately two percent on Wednesday.