Comcast executives have been hinting that their first quarter report would be strong, and they delivered.
The company posted a 10% increase in revenue to $5.9 billion for the the three months ended March, while operating cash flow increased 11% to $2.2 billion. Comcast’s core cable system unit increased 9% to $5.6 billion on cash flow, up 12% to $2.2 billion.
“Let me be corny and say this was a `Comcastic’ quarter,” quipped Comcast Chairman and CEO Brian Roberts during a conference call with investors Thursday.
He noted that the report marked Comcast’s 23rd consecutive quarter of double-digit percentage gains in cash flow. The company increased basic subscribers by 47,000.
Roberts says he’s particularly happy with the company’s performance in selling its newer products, increasing high-speed Internet subscribers 21% to 9 million subscribers, and increasing phone customers 20% to 1.5 million.
The company last year launched its Internet-protocol phone service, phasing out its older circuit-switched phone service inherited along with the AT&T Broadband systems.
Roberts says that the issue with phone service is “grappling with the flow of orders, not where our next sale is coming from.”
Voice over Internet Protocol, or VOIP, phone service is an increasingly important part of the cable equation as operators gear up to face the triple-play offerings--voice, video and data--of telcos, and even quadruple plays when wireless is added to the mix.