Comcast delivers solid first quarter; Adds Internet, voice subscribers

Cable giant Comcast reported solid first quarter results as it continues to add high-speed Internet customers at a good clip.

Comcast reported first quarter earnings of $943 million, or 34 cents a share, on revenue of $12.13 billion, up 31.8 percent from a year ago. The results include two months of NBCUniversal results. Excluding transaction costs related to NBCUniversal, Comcast reported earnings of 36 cents a share. The earnings were two cents per share ahead of Wall Street estimates.

High-Speed Internet revenue showed solid growth as revenue surged 8.8 percent to $2.1 billion. Comcast's video business showed revenue growth of 1.7 percent to $4.89 billion.

Here's a look at the customer counts for Comcast:

• Video cusomters were 22.76 million as Comcast lost 39,000 subscribers, a tally that was better than a year ago when it lost 82,000 subscribers.
• High-speed Internet customers were 17.4 million, up from 16.33 million. Net adds were 418,000 in the quarter.
• Comcast added 260,000 voice customers to bring its total to 8.87 million.
• Total customers were 49.04 million.

As for NBC Universal, revenue in the first quarter was $4.3 billion, down 11.5 percent from a year ago. That was largely due to the Olympics in 2010. Excluding the Olympics, revenue would have been up 5.2 percent. Operating cash flow for NBC Universal was $496 million, up 5 percent from a year ago.