Comcast’s Financial Results Exceed Analyst Expectations

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Comcast’s Financial Results Exceed Analyst Expectations

7:15 am on October 27, 2006 | Category: Business, Television

Cable giant, Comcast Corp., has reported a significant jump in profit for the third quarter, due to strong subscriber growth, and tax gains related to its swaps with Time Warner, and acquisition of Adelphia Communications.

The company saw third quarter profits of $1.22 billion, or $0.58 per share, compared to just $222 million in the same period of 2005. Revenue, meanwhile, increased by 22% to $6.43 billion.

Excluding tax gains, Comcast made a net profit of $548 million, or $0.26/share, which is still well above last year’s results, and easily exceeds the $0.19/share predicted by a survey of analysts.

This is the company’s first quarterly financial report to include the revenue of Adelphia Communications, which was absorbed by Comcast and Time Warner earlier this year.