Reporting an eye-watering $106.8 million loss in its third quarter, cable giant Comcast Corporation nevertheless beat analyst’s forecasts by a substantial margin.
A consensus of seers expected losses for the quarter to reach 40 cents a share following heavy spending by Comcast on upgrading 95% of its cable network. In the event, the loss equated to just eleven cents a share.
During the quarter, Comcast also added an average of 18,7000 new subscribers a week – 243,000 in all – lifting subscription revenues from $1.96 billion to $2.36bn. The company now boasts 8.4 million subscribers in total.
However, Comcast, the nation’s number three cable provider, was zip-lipped about its ambition to leapfrog to number one position with the acquisition of AT&T Broadband.
Although its offer was rejected by AT&T’s parent board earlier this year [WAMN: 19-Jul-01], negotiations under the shroud of a confidentiality agreement were revived in September and continue to date.
News source: MediaWeek.com (US)