Comcast Corporation (NASDAQ:CMCSA), the largest cable television provider in the United States posted strong earnings for the second quarter, after gaining 156,000 high-speed internet subscribers and 158,000 phone customers. The company reported a net income of $1.35 billion or 50 cents per share, a 32 percent increase compared with its $1.02 billion or 37 cents per share during the same period last year.
Based on data from Thomson Reuters I/B/E/S, the Philadelphia-based cable company beat the 48 cents per share average analyst’s estimate.
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Comcast Corporation (NASDAQ:CMCSA) reported a 6.1 percent increase in revenue from $14.3 billion during the same period a year earlier, to the current $15.2 billion. The result met the expectations of analysts.
The company’s cable revenue rose by 6 percent from $9.3 billion during same period in 2011, to the current $9.9 billion. According to the company, the positive result was due to the revenue increase in high-speed internet (8.9 %) business services revenue (34.2 %) and video (2.8 %). Its average total revenue per video customer per month was $148.57, an 8 percent increase.
According to Comcast Corporation (NASDAQ:CMCSA), its cable operating cash flow also increased by 5.5 percent from $3.9 billion during the same quarter last year, to the current $4.1 billion, due to additional expenditures in video programming, sales and marketing to boost its competitiveness on residential and business services.
Its revenue from NBC Universal declined by 0.8 percent to $5.5 billion, due to weak turn out of the expensive movie Battleship. Its operating cash flow dropped by 15.4 percent to $982 million from $1.2 billion during the second quarter in 2011.
According to the company, as of June 30, 2012, its total customers (high-speed internet, video and voice subscribers) was 50.5 million. The company added 1.4 million customers in the second quarter this year.
Brian L. Roberts, Chairman and CEO of Comcast, said, “Our solid operating and financial results for the second quarter underscore the strength of our cable company and our focus on driving operational excellence and technology innovations. We are improving the customer experience and delivering exceptional products, which are the foundation for cable’s continued momentum in High-Speed Internet and Business Services, and stronger Video and Voice customer results.”
Comcast shares rose by 3.23 percent to $33.60 per share on Wednesday (August 1, 11:28 AM ET).