Comcast Has "Good, Not Great" Q3
Despite 147,000 basic subscriber losses, cable operator reports strong growth in digital, high-speed Internet and telephony
By Mike Farrell -- Multichannel News -- Broadcasting & Cable, 10/29/2008 6:53:00 AM
Comcast kicked off the cable earnings season Wednesday morning with strong third-quarter results, reflecting that at least the early innings of the global recession did not seriously harm the country’s largest cable operator.
Revenue and operating cash flow rose a healthy 10% in the period ended Sept. 30, to $8.5 billion and $3.2 billion, respectively. And though basic subscriber losses – at 147,000 for the period – were well above some analysts estimates (which ranged from 26,000 to 85,000), the MSO did manage to report strong growth in digital (417,000), high-speed Internet (382,000) and telephony (483,000) additions.
The results come a day after Comcast shares soared nearly 25% ($3.34 per share) to $16.96 on Tuesday, riding a nearly 900-point surge n the Dow Jones Industrial Average and anticipation of strong third quarter earnings.
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