According to WSJ, the company added 53,000 video customers, compared with a loss of 8,000 in the prior-year quarter. Its quarterly profit rose to $2.13 billion, or 87 cents a share, up from $2.06 billion, or 81 cents a share, a year ago.
Excluding certain gains and costs, adjusted profit per share for the latest quarter was 84 cents. Revenue grew 5.3% to $18.79 billion. Both figures exceeded estimates from analysts, who were projecting adjusted earnings of 79 cents a share on $18.6 billion in revenue, according to Thomson Reuters.
Comcast’s results add to the cable industry’s comeback after years of losing video subscribers to satellite and phone companies. Cable companies are benefiting from pouring more investment into their cable TV products and bundling that alongside fast broadband, as well as offering cheaper, slimmed-down bundles of programming for more cost-conscious consumers.
Wall Street analysts say Comcast, in particular, is beginning to benefit from the aggressive rollout of its next-generation X1 Internet-connected set-top box and guide, which the company has said increases customers’ time spent watching TV and makes them more likely to stick with Comcast. The company said 35% of its customers now have X1 boxes.
Comcast has also said that subscriber retention has been helped by its efforts to turn around customer service operations after some poor interactions with sales reps went viral.
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