NEW YORK (AP) — Comcast Corp., the nation's largest cable company and owner of NBCUniversal, on Wednesday said its net income rose 17 percent in the latest quarter, powered by continued strong results from its cable operations.
Price increases on cable TV and customers upgrading to high-definition packages and digital video recorders helped boost numbers. Subscribers paid an average of $3.40 more per month for TV compared with the same period last year.
Comcast also continued to recruit new broadband and phone customers at a brisk pace, and broke above 10 million phone customers for the first time in the quarter. It's the country's fourth-largest home phone company, behind AT&T, Verizon and CenturyLink.
The Philadelphia-based company's stock rose 56 cents, or 1.4 percent, to close Wednesday at $41.86. When the market opened, it reached $42.47, near the all-time high of $42.61, hit a month ago.
Comcast earned $1.44 billion, or 54 cents per share, in the first quarter. That was up from $1.22 billion, or 45 cents per share, in the same quarter a year ago.
Excluding a gain of 3 cents per share due to the sale of some airwaves licenses to AT&T, earnings were 51 cents per share. That was a penny higher than the average forecast of analysts polled by FactSet.
Revenue rose 2.9 percent to $15.31 billion. Analysts were expecting half a percent more, at $15.38 billion.
Comcast's revenue didn't grow as fast as usual because it broadcast the Super Bowl last year, but didn't this year. Excluding that effect, revenue would have grown 4.7 percent, it said.