Comcast Corp reported first-quarter profit on Thursday that beat Wall Street est...
- Comcast Corp reported first-quarter profit on Thursday that beat Wall Street estimates, boosted by strong additions of high-speed internet customers in a quarter that painted another mixed picture for the biggest U.S. cable provider.
Overall revenue missed analyst estimates and Comcast lost more video and phone customers than expected. Revenue from its NBCUniversal cable networks, filmed entertainment and theme parks also fell short of expectations. Earnings per share did, however, exceeded expectations. Philadelphia-based Comcast said it lost 121,000 video customers in the quarter, more than the 29,000 it shed last quarter and the 109,000 estimated by analysts, according to research firm FactSet. In response, the company is striving to build new services on top of its broadband network.
Comcast is betting that its redesigned Xfinity X1 cable box, which uses a single menu to find content across live TV, on-demand and streaming services like Netflix, will help retain and attract subscribers. Filmed entertainment revenue rose 7.4 percent to $1.77 billion, boosted by movies including “How to Train Your Dragon: The Hidden World” and “Us” while theme park revenue slipped 0.4 percent to $1.28 billion.
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