Digital Services Boost Comcast Earnings
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Comcast Corp. the No. 3 U.S. cable company, Tuesday posted improved first-quarter results, boosted by more subscribers for digital cable and high-speed Internet access, and raised expectations for cable growth for the full year.
The company’s profit, including the effect of accounting changes and other one-time items, totaled $1 billion, or $1.04 a diluted share, compared with a year-earlier loss of $199 million, or 24 cents a diluted share. Excluding the effect of the accounting changes, earnings for the latest quarter were $616.7 million, or 64 cents a share.
The company, which also owns the QVC home shopping channel, said operating cash flow rose 9% to $640.9 million from $586.9 million a year earlier. Assuming the same portfolio of assets in both years, cash flow rose 8.6%.
Revenue rose 13% to $2.2 billion from $1.94 billion a year ago. Pro forma revenue was up 8.7%. Shares fell $1.10 to $43.65 on Nasdaq on Tuesday.
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