Comcast Profit Beats Estimates With Fewer Broadband Losses

Bloomberg's Geetha Ranganathan said that Comcast Corp. reported first-quarter financial results that exceeded analysts’ estimates with fewer losses among broadband customers, offsetting lackluster growth at its Peacock streaming service. The Philadelphia-based company, whose brands include the Xfinity internet and cable services, NBC broadcast network and Universal Pictures, posted revenue of $31.5 billion, up 5.3% and beating Wall Street’s estimates of $30.3 billion. Adjusted earnings per share were 79 cents, compared with analysts’ projections of 72 cents.

The shares rose as much as 7% as trading got underway Thursday in New York, the biggest intraday gain in a year. They had risen 4.9% this year through the close on Wednesday, compared with a 16% increase at rival Charter Communications Inc.

To counter encroaching competition for internet subscribers from the Big Three telecom companies, Comcast last year redid its marketing strategy, offering rates of $45-a-month for broadband access with five-year price guarantees. It has also been emphasizing its mobile phone service, with free lines given to internet subscribers for one year. On Wednesday, Comcast introduced two new phone promotions that included perks such as device upgrades anytime and connectivity when traveling internationally.

Comcast completed a spinoff of some of its struggling cable networks into a separate company called Versant Media Group Inc. in January.

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