Comcast Pulls in $2 Billion in Profit in Q2
Comcast is in the process of trying to merge with Time Warner Cable
Comcast’s cable and Internet business is generating more money as it prepares to try to merge with Time Warner Cable. The communications giant posted overall revenue of $16.8 billion, a 3.5 percent increase from second quarter of 2013 that slightly missed analysts’ projection of $16.95 billion.
The company had net income of $2 billion, up almost 15 percent from a year ago. Earnings per share were 76 cents, beating analysts’ expectations of 72 cents.
The company shed 144,000 video customers during the quarter, and now has 22.5 million. However, Comcast added 203,000 new Internet subscribers for a total of 21.3 million. Overall revenue from Comcast’s cable, Internet and voice business jumped 5.4 percent to $11 billion from the same quarter a year ago.
Revenue from the company’s NBCUniversal Division, which includes television networks, theme parks and movie studios, was essentially flat year-over-year at $6 billion, a 0.3 percent increase from last year.
Comcast is looking to massively increase its footprint in the cable market by merging with Time Warner Cable. If the merger is approved by federal regulators, the combined company will have about 30 million cable subscribers.