Comcast Corp., the nation’s biggest cable TV systems operator with thousands of Connecticut customers, posted a 53 percent increase in second-quarter profit.
Earnings were helped by higher prices and increased customer spending on video and Internet services. But subscriber growth markedly slowed as the recession’s grip didn’t lessen.
Comcast said it hasn’t yet seen signs of an economic rebound. Local advertising remains depressed.
The quarter’s subscriber growth was dampened by the housing slump, jobless rate and competition, as well as a seasonal slowdown due to college students and senior citizen ‘snowbirds’ disconnecting for the summer.
Philadelphia-based Comcast earned $967 million, or 33 cents per share, in the quarter ended June 30, compared with $632 million, or 21 cents per share, in the year-ago quarter.
Revenue rose by 4.5 percent to $8.94 billion from $8.55 billion, helped by more customer sign-ups and higher prices.
The performance exceeded the expectations of analysts polled by Thomson Reuters, who were looking for earnings of 26 cents per share and revenue of $8.86 billion, on average. (AP)
