Cable titan Comcast reported a 382 percent surge in first-quarter profit as the company saw gains in digital-cable and high-speed data customers.
The Philadelphia-based company, which last week inked a deal with Time Warner to acquire bankrupt cable operator Adelphia Communications, posted a first-quarter profit of $313 million, compared with a year-ago profit of $65 million. Revenue rose 9 percent to $5.4 billion.
The main growth drivers at the company were digital cable and high-speed data customer additions, the company said.
Digital cable’s growth was driven mainly by strong consumer interest in digital video recorders and video-on-demand, which helped lure 200,000 net new subscribers in the quarter. Comcast’s high-speed data business added 414,000 new customers in the quarter, bringing its high-speed data penetration to 18.3 percent. Overall, the cable unit reported a 10 percent rise in revenue to $5.1 billion.
Comcast’s content business also posted gains during the period, with revenue surging 21 percent to $213 million, driven mainly by strong results at the Golf Channel, which more than offset higher expenses associated with Comcast’s newer cable channels.
Digital Cable, Broadband Customers Propel Comcast to Q1 Gains
Apr 28, 2005 • Post A Comment