Comcast's profit beats Street on cable, 'Despicable Me 2'

Wed Oct 30, 2013 8:02am EDT
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By Liana B. Baker

(Reuters) - Comcast Corp (CMCSA.O: Quote) posted net income that beat analyst estimates on Wednesday as the company generated more cash flow at its cable unit and media arm, NBC Universal, than it had a year ago.

Shares rose 1.2 percent to $48.25 per share in premarket trading.

The company posted lower quarterly revenue because it did not have the boost from the London Summer Olympics which aired on its networks a year ago.

The top U.S. cable provider reported third-quarter net income of $1.73 billion, or 65 cents a share, compared with $2.11 billion, or 78 cents per share, a year ago. A year ago, it saw gains from the sale of spectrum to wireless companies and from its stake in A&E Television Networks.

Its EPS beat estimates by four cents, according to Thomson Reuters I/B/E/S.

Revenue fell 2.4 percent to $16.15 billion, below analysts' estimates of $16.26 billion, according to Thomson Reuters I/B/E/S.

Comcast's cable unit, which has the most U.S. subscribers of any cable company with 21.6 million video customers, missed estimates in some key areas.

Comcast lost about 129,000 video subscribers in the quarter, which was worse than the loss of 102,000 subscribers Wall Street analysts were expecting, according to Street Account.   Continued...