Comcast Corp. issued its second-quarter results Wednesday, posting a better-than-expected 32 percent jump in profits as it benefited from solid subscriber growth for its telephone and broadband Internet services. The nation's largest cable provider also noted that it has reduced losses in video subscribers for seven straight quarters thanks to recent improvements to the service. Comcast also repurchased $750 million worth of its shares during the quarter and paid out $440 million in shareholder dividends. After releasing earnings, the company's shares rose more than 3 percent in Wednesday trading, and have now gained almost 40 percent this year.
In the three months ended June 30th, Comcast's net income totaled $1.35 billion, or 50 cents a share, exceeding the consensus estimate of 48 cents per share projected by analysts in a recent FactSet survey. Overall revenue, meanwhile rose just over 6 percent from the year-ago quarter to $15.2 billion, matching the average projection from the FactSet analysts. During the quarter, Comcast lost 176,000 video subscribers, less than the 184,000 analysts were predicting and way below the 238,000 it lost in 2011's second quarter. The company gained just over 155,000 customers each for its telephone and Internet services, meanwhile, whereas analysts were expecting a gain of 133,000 pphone subscribers and 153,000 broadband customers.