Comcast Revs Up 7.2%, NBC Broadcast Offers 'Opportunity'
Now with NBC under its belt, Comcast keeps shedding old technology customers -- but gaining new tech business. All this brought strong fourth-quarter 2010 results for the company. Revenues rose 7.2% to $9.72 billion, topping projections of $9.56 billion. Net income was $1.02 billion compared to $955 million a year ago. Operating income was up 11%.
Stronger-than-expected results in other areas helped contribute to a mid-day 4% rise in the company's stock to $23.44.
It was the first reporting period since Comcast took control of NBC, purchasing a 51% stake from General Electric.
"The biggest opportunity if you move out three, four, five years is in broadcast," Brian Roberts, president/CEO of Comcast, said in its earnings call with analysts. "There's a real strength with NBC News, and there's a weakness in prime time. [But] I don't think we're going to see anything there for awhile."
While basic cable customers keep declining, other businesses -- phone, digital video, and Internet -- continue to be strong. Comcast added 698,000 customers during the fourth quarter, and about 2.6 million overall -- all this against a 135,000 loss in basic cable subscribers, which was less than expected.
Overall, Comcast increased its average total revenue-per-video customer 10.6% to $133.43 a month because of added services.
Comcast said advertising at all its TV channels and local cable operations soared 29%. Revenue for its video, high-speed Internet and voice grew 53% increase.