Super Bowl revenue helps NBCUniversal growth
Comcast reported a 30 percent first-quarter profit Wednesday, thanks partly to the strength of NBCUniversal and Super Bowl advertising.
The country's largest cable company reported profit of $1.224 billion, or 35 cents per share, compared to $943 million, or 34 cents per share, for the same quarer in 2011. Analysts had expected earnings of 42 cents per share.
Revenue increased 9.6 percent to $14.9 billion.
The company's stock was down 2.75 percent to $29.76 per share in early trading Wednesday.
Cable revenue increased 5.7 percent to $9.6 billion, which reflected a 10.3 percent increase in High-Speed Internet revenue, a 37 percent increase in Business Services revenue and a 1.6% increase in Video revenue. Monthly average total revenue per video customer increased 7.8 percent to $143.40.
Revenue for NBCUniversal grew 18 percent to $5.5 billion, reflecting strong revenue growth in every segment, including Super Bowl revenue of $259 million for NBC. Excluding the Super Bowl, revenue increased 12.4 percent.
NBC's revenue increased 36.9 percent to $1.9 billion. Exclusing the Super Bowl, it increased 17.7 percent, reflecting higher primetime ratings and revenue from a content licensing agreement. It generated an operating cash flow loss of $10 million compared to operating cash flow of $20 million in the first quarter of 2011, reflecting higher programming and marketing costs for the mid-season primetime schedule, including the huge rollout for "The Voice" and "Smash."