Comcast (CMCSA), the largest cable company in the U.S., reported a second-quarter profit gain Tuesday that surpassed analysts’ expectations as demand for the company’s Internet services boomed.
The cable provider, which is in the midst of acquiring Time Warner Cable (TWC), had profits of 76 cents a share, higher than the average analyst estimate of 72 cents a share, according to Bloomberg data.
High-speed Internet customers increased by over 200,000, the best second-quarter net additions in six years, the company announced.
The average monthly bill for video, phone and internet users gained 4.5% to $137.24, helping to boost overall profit gains even while sales came in slightly below analyst expectations. Second-quarter revenue was up 3.5% to $16.8 billion, just shy of the average analyst estimate of $17 billion, based on estimates compiled by Bloomberg.
Comcast’s NBCUniversal group sales remained steady year-over-year at about $6 billion, even though NBC had one of its best seasons ever. The network placed first in prime-time ratings and became the most-watched television network among 18-to-49-year-olds.
Comcast’s $42.5 billion bid for Time Warner Cable is still in the works as it awaits regulatory approvals. The Federal Communications Commission is accepting public comments through Aug. 25th before a final decision is made.
