The cable and entertainment conglomerate Comcast has reported a 10 per cent increase in earnings in the first quarter, driven by growth in its high-speed internet business.
Total revenue inched up 2.6 per cent to $17.9 billion during the quarter compared with the same period last year, the company said on Monday.
Without counting sales tied to the 2015 Super Bowl and the 2014 Olympics – both of which were broadcast on NBC, which Comcast owns – revenue increased 7.2 per cent during the period. Net income attributable to Comcast was $2.1 billion for the quarter, up 10 per cent from the same period last year.
The results followed recent news that the company had abandoned its $45 billion takeover of Time Warner Cable after intense regulatory scrutiny.
Costs related to the deal came to $99 million during the first quarter. That brings the total costs related to the transaction to $336 million since the deal was announced in February 2014.
Comcast, the largest cable operator in the US, was expected to detail its plans for moving forward during a conference call with investors on Monday morning. The company's cable group reported a 6.3 per cent increase in revenue to $11.4 billion. The company lost 8,000 video subscribers for the quarter but added 407,000 high-speed internet subscribers. – (New York Times service)
