Comcast Q1 Revenue Beats Estimates at $31.46B

Comcast Corporation reported first-quarter financial results that surpassed Wall Street expectations on Thursday, driven by robust advertising revenue from major sports events and a slowdown in broadband customer losses. The Philadelphia-based telecommunications and media company saw its shares rise as much as 8 percent in premarket trading following the announcement.

Total revenue for the three months ended March 31 climbed 5.3 percent from the previous year to 31.46 billion dollars, exceeding analyst estimates of 30.43 billion dollars. Adjusted earnings per share came in at 79 cents, topping the forecasted 73 cents. However, net income fell nearly 36 percent to 2.17 billion dollars, or 60 cents per share, primarily due to higher expenses from sports broadcasting rights and production costs for events like the Winter Olympics. Adjusted earnings before interest, taxes, depreciation, and amortization declined about 17 percent to 7.93 billion dollars.

In its core connectivity and platforms segment, which includes Xfinity broadband, traditional cable television, and mobile services, revenue dipped 2 percent to 17.32 billion dollars. The unit continues to generate the company's...