Comcast beats Street 2Q forecasts, revenue rises
PHILADELPHIA (AP) -- Comcast's second quarter was stronger than Wall Street had expected as the company narrowed the loss of video subscribers and revenue took off.
Shares rose more than 2 percent before the market opened Wednesday.
For the period ended June 30, Comcast Corp. earned $2.03 billion, or 83 cents per share. A year earlier the Philadelphia company earned $2.14 billion, or 84 cents per share.
That's a penny better than what analysts surveyed by Zacks Investment Research had forecast.
Revenue increased to $19.27 billion from $18.74 billion. Analysts polled by Zacks anticipated $19.04 billion in revenue.
Comcast lost 4,000 video customers, which was the best second-quarter number in more than a decade, according to the company.
At the same time, the company booked an increase in residential high-speed internet customers and small business customers. It added 220,000 high-speed internet customers in the period, the best performance for the quarter in eight years.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CMCSA at http://www.zacks.com/ap/CMCSA
Keywords: Comcast, Earnings Report, Priority Earnings