Comcast 3Q results show rising revenues but falling profit

26 Oct 2007

US cableco Comcast has reported its figures for the three months ending 30 September 2007. Profit stood at USD560 million, down 54% from the USD1.22 billion earned in the same period last year. This was on the back of rising revenues; turnover was USD7.78 billion, compared to USD6.43 billion a year ago. The decline in profit reflects the one-off USD669 million gain included in 3Q2006 results related to Comcast’s purchase of Adelphia’s cable assets and a swap of cable systems with Time Warner Cable. Excluding these gains, Comcast would have seen profits climb 2% from USD548 million in adjusted earnings.

489,000 new digital video revenue generating units (RGU) were added in the quarter to take the total to 14.7 million, while ‘basic’ i.e. non-digital TV subscriptions fell by 65,000. Comcast attracted 450,000 new broadband RGUs, to total 12.9 million at the end of September. 662,000 digital voice RGUs were added, but 138,000 circuit-switched telephony subscribers were lost, leaving totals of 3.8 million and 304,000 respectively. In total, an additional 1.4 million RGUs were gained in the quarter, a rate of growth 6.7% slower than a year ago.

United States, Comcast Corp (Xfinity, incl. Xfinity Mobile)