US cable operator Comcast reported an 8% increase in second quarter earnings and better than predicted subscriber gains. For the quarter ended 30 June net income was USD632 million, compared to USD588 million twelve months previously. Revenue rose 11% to USD8.55 billion while revenue from its cable business rose 7% to USD8.1 billion.
The company said it added 278,000 high speed internet subscribers in the quarter, which was down 18% year-on-year but compared well with other operators in the market. Comcast lost 138,000 basic cable subscribers, and added 320,000 digital subscribers, down 61% from last year. It also added 555,000 subscribers to its digital voice service, down 21% compared to the second quarter of 2007.
Comcast’s CFO Michael Angelakis said that the operator was still ‘taking market share on voice and broadband from the phone companies’ as he noted ‘one out of every five of our cable customers now receives three services from us, whereas twelve months ago that figure was one out of nine’.