Comcast beats profit estimates on internet subscriber additions
(Reuters) – Comcast Corp (CMCSA.O) beat Wall Street profit and revenue estimates on Thursday, as the company added high-speed internet customers and lost more video subscribers than expected.
FILE PHOTO: The NBC and Comcast logo are displayed on top of 30 Rockefeller Plaza, formerly known as the GE building, in New York, New York, U.S. on July 1, 2015. REUTERS/Brendan McDermid/File Photo
Comcast’s third quarter showed that its focus on the higher-margin broadband business – necessary to stream content – is helping to offset a decline in cable subscribers.
“Four things stood out as wrapped up the quarter: our incredible strength in broadband, the enduring popularity of our premium content, our strong global footing just one year after the Sky acquisition; and how the combination of these things puts us in a unique position to compete, including in the streaming market,” said Chief Executive Officer Brian Roberts.
Comcast shares were up 2.32% at $46.78 in premarket trading.
Revenue from the company’s high-speed internet business grew 9.3% to $4.72 billion with the gain of 379,000 subs