Today, Philly’s cable giant is surely feeling Comcastic.
Despite poor economic conditions, Center City-based Comcast reported a 5.4 percent increase in net income in the first quarter of 2009 to $778 million, or 27 cents per share, according to financial results released today.
Cable network revenue has been well-off this quarter. Time Warner, Walt Disney and Viacom all reported stronger than expected quarterly profit, Reuters reported yesterday. Comcast beat analyst expectations by 4 cents per share.
Still, Comcast declined to provide a forecast for the upcoming year; Chief Financial Officer Michael Angelakis cautioned that the company is “conservative” about the use of its cash as the year progresses.
Comcast now boasts 46.1 million customers of its video, high-speed Internet and voice customers, but overall, it struggled to maintain growth.
The company lost 78,000 video customers and its high-speed Internet subscription rate was down 33 percent from last year’s quarter.
Comcast’s biggest drop was in revenue generating units, which reflect customers subscribed to any one of its broad service offerings. It added 837,000 units this quarter, a 54 percent decline from 1,821,000 units added in last year’s first quarter.
Shares are trading at 15.94, up $0.70 since NASDAQ closed yesterday.
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