Share “Comcast 1Q earnings up 30 percent”

Comcast 1Q earnings up 30 percent

Associated Press Modified: May 2, 2012 at 6:30 am •  Published: May 2, 2012
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NEW YORK (AP) — Comcast Corp., the country's largest cable company, reported a 30 percent profit increase in the first quarter, beating expectations on the strength of Super Bowl advertising and its popular broadband service.

Its shares rose 4 percent in premarket trading.

The Philadelphia-based cable company said Wednesday that its net income rose to $1.224 billion, or 45 cents per share, for the January to March period from $943 million, or 34 cents per share, a year ago.

Analysts polled by FactSet were expecting earnings of 42 cents per share for the latest quarter

Revenue rose to $14.9 billion, above analysts' expectation of $14.4 billion. The increase was 9.6 percent compared with the combined cable and NBC Universal results a year ago.

Comcast's acquisition of a majority stake in NBC Universal, which owns TV channels and movie studios, closed at the end of January last year.

NBC Universal's results shone in the quarter. It accounts for a third of Comcast's revenue, but grew much faster, at 18 percent from last year. Revenue at the NBC broadcast network grew 37 percent thanks to the Super Bowl. Fox broadcast it last year.

Excluding the Super Bowl, NBC's revenue grew 17 percent, helped by improving prime time ratings and shows like "The Voice" and "Smash."

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