Comcast lifts profits with new video subscribers

The largest US cable operator Comcast has posted higher first-quarter revenue and net income, showing it could add video subscribers for two quarters in a row – a rare sight in the cable industry.

On the cable side, Comcast added 24,000 net video subscribers in the first quarter, which surprised Wall Street analysts who expected a loss of 26,000, according to StreetAccount. Last year’s fourth quarter saw the first cable video subscriber gain in more than six years for Comcast. Its high-speed internet growth slowed in the quarter, adding 383,000 net subscribers, fewer than a year ago and missing estimates.

The Sochi Olympics in February generated more than $1.1 billion in revenue in the quarter, Comcast said. This helped to boost revenue at the NBC broadcast network by 73 per cent, to $2.6 billion. – (Reuters)