Comcast Corp., the largest cable television operator in the U.S., posted strong quarterly earnings on Tuesday, noting a nearly 10 percent jump in first quarter earnings as it added more broadband subscribers to the fold. First quarter earnings came out to $943 million on revenue of $12.13 billion, which includes three months of NBC Universal results.
"We are off to a terrific start in 2011. Cable had an outstanding quarter with continuing momentum in both our residential and Business Services operations," said Brian L. Roberts, Chairman and CEO of Comcast. "We had particularly strong growth in high-speed Internet, consistent growth in voice services, and improving video customer results. In addition, our customer retention and service metrics have never been better, and we are leading the industry in delivering new products and innovations to our customers.
"The performance of NBC Universal was led by our cable networks, which posted strong growth across the board. While we've only been operating the NBC Universal businesses for three months, we're encouraged by a seamless integration, and we are working diligently to invest and build value for our shareholders.
As we begin 2011, we remain focused on execution, which includes driving product leadership and innovation, enhancing our customers' experience, expanding the entertainment choices we offer consumers and realizing the opportunities of our wonderful company"
Comcast shored up its broadband subscriber base by more than 418,000 customers in the first quarter for a total of 17.4 million, and also added 260,000 phone subscribers, bringing that total to 16.33 million. Both are higher than what analysts at Collins Stewart were estimating , which pegged Comcast to add 300,000 Internet subscribers and 207,000 phone customers.
On the TV side, Comcast lost 39,000 video customers, which now totals 22.76 million, though that's better than the net loss of 82,000 from a year ago.
Full results here .