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Comcast Q2 earnings rise on higher revenue, Internet customers

Comcast Q2 earnings rise on higher revenue, Internet customers

Telecommunications giant Comcast Corp.’s (NASDAQ:CMCSA) second-quarter earnings beat analysts’ estimates, amid higher revenue and increased broadband customers. 

The cable and high-speed Internet broadcast company said earnings rose to $1.34 billion, or 50 cents per share, compared to $1.02 billion, or 37 cents per share, in second quarter 2011. Revenue rose to $15.2 billion, up 6.1 per cent from $14.3 billion.

Analysts polled by Bloomberg expected a per-share profit of 48 cents, on $15.2 billion in sales for the quarter ended June 30.

Shares rose 3.4 per cent climbing to $33.66 each on the Nasdaq on Wednesday morning.

The broadcaster’s cable communications unit posted $9.8 billion in sales, up six per cent from the $9.3 billion in revenue last year.

Comcast attributes the rise to an 8.9 per cent increase in high-speed Internet sales, a 34.2 per cent rise in business services sales and a 2.8 per cent in video revenue.

In the quarter, high-speed Internet customers rose to 18.7 million, up from 17.5 million, a year-earlier. Voice customers totalled 9.6 million, up from nine million.

Revenue at NBCUniversal, a subsidiary of Comcast, slipped 0.8 per cent to $5.5 billion, due to the impact of a licensing contract signed a year-ago.

Cable networks revenue rose 3.6 per cent to $2.3 billion, thanks to a rise in distribution sales and a 4.1 per cent increase in advertising sales.

The broadcast television division slumped to $1.5 billion, down 9.1 per cent versus $1.7 billion seen a year-ago, due to lower revenue from a content licensing agreement.

Its filmed entertainment segment fell to $1.2 billion, down 1.8 per cent from $1.3 billion, due to lower theatrical and stage plays revenue.

Free cash flow rose 2.2 per cent to $1.55 billion from $1.52 billion.

Comcast shelled out $750 million to repurchase 25.8 million shares of its own stock. The company has about $5 billion remaining under its share buyback program.

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