Don't be fooled by the lukewarm reception to Comcast's
share price following the company's first quarter 2013 financial results. The cable outfit killed it in Q1, posting a profit of $1.44 billion, or 54 cents a share, on combined revenues totaling $15.3 billion, up 2.9 percent compared to the same quarter a year.
The cable company said it added 583,000 Video, High-Speed Internet, and Voice subscribers in Q1, representing a 3.2 percent increase in net additions compared to last year. Tallied up, there are now 51.9 million Comcast subscribers in the U.S., up 1.5 million or 3 percent over last year's first quarter.
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"We are off to a
solid start in 2013, with strong revenue and cash flow growth and record quarterly free cash flow. Cable’s
results highlight revenue growth in every product, led by Video and High-Speed Internet, and overall
customer growth, as we continue to effectively balance financial and customer performance," Comcast Chairman and CEO, Brian L. Roberts, said in a statement. "NBCUniversal’s businesses also generated strong first quarter performance, led by Film and Cable
Networks. We completed the acquisition of NBCUniversal during the quarter and look forward to
continuing to drive innovation and operational excellence to deliver superior entertainment and communications choices for customers."
Comcast's cable Internet
business continues to be its main driver of revenue. It generated $10.2 billion in Q1, up 6.4 percent year-over-year. That's compared to an 18.5 percent decrease in Broadcast Television revenue, which totaled $1.5 billion for the quarter.