Comcast Quarter Profit Up on Subscribers, One-Time Gain
Comcast , the leading U.S. cable operator, posted on Thursday an 80% rise in quarterly profit, fueled by subscriber growth and a one-time gain from dissolving a partnership with Time Warner Cable .
Net profit rose to $837 million, or 26 cents per share, in the first quarter, from $466 million or 15 cents per share, a year ago. The results were boosted by a $300 million gain from the dissolution of its Texas/Kansas cable system partnership with Time Warner Cable.
Without the gain, Comcast's profit was $537 million, or 17 cents per share, in line with the average Wall Street analyst forecast of $526.8 million, or 17 cents per share, according to Reuters Estimates.
Revenue in the first quarter rose 32% to $7.39 billion from $5.60 billion. Analysts had forecast revenue of $7.36 billion.
Comcast is leading the charge by cable operators to win subscribers from telephone companies by aggressively marketing bundled television, high-speed Internet and phone services.