January 24, 2018 / 12:02 PM / 3 months ago

Comcast tops profit estimates even as it sheds video subscribers

NEW YORK, Jan 24 (Reuters) - Comcast Corp’s adjusted quarterly profit topped Wall Street estimates on Wednesday, helped by more high-speed internet customers and higher theme park revenue.

Excluding impacts from a $12.7 billion one-time benefit following the U.S. tax overhaul signed into law in December, earnings per share were 49 cents, beating analyst estimates of 47 cents per share.

But the biggest U.S. cable provider said it lost 33,000 video customers in the quarter ended Dec. 31, compared to an addition of 80,000 last year. Comcast’s video business has been pressured as more consumers cancel their cable packages in favor of cheaper streaming options from companies like Netflix Inc .

Revenue rose 4.2 percent to $21.92 billion from the year-earlier period, roughly in line with analyst expectations of $21.82 billion, according to Thomson Reuters I/B/E/S.

Net income attributable to Comcast rose to $15.0 billion, or $3.17 per share, for the quarter, up from $2.3 billion, or 48 cents per share. The company was able to book a gain on its deferred tax bill thanks to newly lowered U.S. corporate tax rates.

Revenue rose 3.4 percent in the cable business, which includes video, internet and voice services. Comcast added 350,000 high-speed internet customers in the quarter, compared with a gain of 385,000 the same period a year earlier.

NBCUniversal’s revenue rose 3.9 percent in the quarter, helped by the segment’s theme parks business. (Reporting by Anjali Athavaley; Editing by Meredith Mazzilli)

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