(Reuters) – Comcast Corps (CMCSA.OQuarterly revenues and revenues exceeded Wall Street estimates on Thursday, attracting more customers for their high-speed Internet connections, which offset a decline in cable TV subscribers, which was also lower than expected.
FILE PHOTO: The NBC and Comcast logos can be seen at Rockefeller Plaza 30, Midtown Manhattan, NY, USA, February 27, 2018. REUTERS / Lucas Jackson / File Photo
The continuing momentum in the third quarter is evident after the media group Rupert Murdoch's Twenty-First Century Fox (FOXA.O) to buy the satellite television channel Sky (SKYB.L) for $ 40 billion at auction in September.
Executives are expected to drive an additional half-hour on Thursday morning and spend an extra half an hour to present Sky Chief Executive Officer Jeremy Darroch to Wall Street analysts during a conference call.
High-speed Internet revenue increased 9.6 percent to $ 4.32 billion in the quarter, as the company added 363,000 Internet subscribers, which represents an average estimate of 294,000, according to research firm FactSet. The company said it was the best performance for the division in ten years.
Comcast also said in October that its fastest-speed gigabit Internet service will reach more households than any other provider in the United States, having completed a rollout for almost all of the 58 million homes and businesses it serves.
The largest cable provider in the US said it had lost 106,000 video customers, less than its 125,000 customers in the same quarter last year, as some viewers cost expensive cable bills for cheaper streaming options such as AT & T Inc.T.N) restarted WatchTV or Netflix.
Wall Street had expected a steeper decline of 152,000, according to FactSet. Video segment revenue dropped nearly 3 percent to $ 5.59 billion.
Net income attributable to Comcast increased 9.2 percent to $ 2.89 billion, or 62 cents per share, from $ 2.64 billion or 55 cents per share a year earlier.
Exclusive items earned the company 65 cents. Analysts assume that the company earns 61 cents per share, according to refinancing data.
Comcast revenue in Philadelphia increased 5 percent to $ 22.14 billion, ahead of the average $ 21.82 billion estimate.
The company's total investment fell 2 percent to $ 2.38 billion.
NBCUniversal sales increased 8.1 percent to $ 8.63 billion.
However, the theme park revenue declined 1.4 percent to $ 1.53 billion due to weather-related disruption.
Reporting by Akanksha Rana in Bengaluru; Arrangement by Patrick Graham