Comcast's Q1 strong as business and high-speed Internet services offset cord cutting

Comcast continued to shed video customers in the first quarter, but is more than offsetting the slide with high-speed Internet and business services.

In the first quarter, Comcast reported net income of $3.12 billion, or 66 cents a share, on revenue of $22.79 billion, up 10.7 percent from a year ago. Excluding items, Comcast reported earnings of 62 cents a share in the first quarter.

Wall Street was expecting Comcast to report first quarter earnings of 59 cents a share on revenue of $22.75 billion.

Comcast: How AI, machine learning, DevOps, and a bit of hardware may make it a smart home platform | Comcast launches xFi Advanced Gateway, aims for speedy Wi-Fi, IoT integration | Comcast brings home automation platform to 15M Xfinity customers

There are multiple moving parts in Comcast, but Comcast Business is growing the fastest. In the first quarter, Comcast Business delivered revenue of $1.73 billion, up 11.9 percent from a year ago. Comcast high-speed Internet revenue was up 8.2 percent as video and voice fell. Xfinity Home drove other revenue to a 4.5 percent gain.

Here's a look at how Comcast's customer base is shifting.

In a nutshell, cord cutting means Comcast is losing customers on video and in bundles. However, Comcast is gaining customers for its broadband service as well as other areas such as security and smart home. If anything, Comcast's multi-quarter shift in its business mix is accelerating.