UPDATE: Comcast Posts Higher Q2 Profit

Comcast

reported a 15% rise in its second-quarter profit. Comcast lost 144,000 video customers in the quarter, versus a loss of 162,000 customers in the year-earlier period. Comcast posted a quarterly profit of $1.99 billion, or $0.76 per share, versus a year-ago profit of $1.73 billion, or $0.65 per share. Excluding gains on sales- and acquisition-related items, its adjusted profit came in at $0.75 per share. Its revenue rose 3.5% to $16.84 billion. However, analysts were expecting a profit of $0.72 per share on revenue of $16.95 billion. The company added 203,000 broadband subscribers in the quarter, versus an addition of 187,000 subscribers in the year-ago period. It also added 137,000 voice-subscribers, versus 161,000. Broadband revenue gained 9.7%, while business services revenue rose 22%. Comcast's revenue at the cable communications jumped 5.4% to $11.03 billion, while operating cash flow gained 5.3% to $4.56 billion. Its residential video revenue gained 1.2%. Its revenue at the broadcast-TV segment rose 4.9%. Total revenue at NBCUniversal climbed 0.3%, while operating cash flow surged 20.4%. Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “We continue to see strong momentum across our cable and content businesses.” Comcast shares closed at $53.82 yesterday.