Monetate Reports Record 387% Revenue Increase in Third Quarter (PR Web)

Kenexa Shares Popped: What You Need to Know
(Daily Finance)

Pa. Court Holds Onto Suit Against AcademyOne (Courthouse News Service)
AcademyOne is based in West Chester.

Giant’s online service leases N.E. Phila. building: The Fine Print (Philadelphia Business Journal)

More Comcast News: 11/2/2011

NBC ownership highlights Comcast's programming investment risks (LA Times: Company Town)

On the Call: Comcast Execs on New TV Technology (AP via ABC News)

Comcast CEO: Telemundo Soccer World Cup Rights Deal 'Should Be Profitable' (Hollywood Reporter)

For Comcast, broadband grows fast, video losses slow (Gigaom)

QOTD: Cable Guy Actually Broadband Guy (All Things Digital)
"We do see ourselves, and the mantra inside the company is to think of ourselves, as an ISP". -Charter Communications CEO Mike Lovett.


Comcast reports mixed results

Tom Paine

Comcast announced its third quarter results today, and though earnings per share were slightly below Wall Street's consensus expectations, overall Comcast's numbers helped to quelled some concerns about bigger problems for the cable business based on other recent earnings reports.

On a pro forma basis (comparing this year to last including results from NBCU and Universal Orlando from last year), revenue was up 4.9% for the quarter to $14.3 billion, and operating cash flow increased 3.2% to $4.6 billion, or 5% excluding certain Olympics and acquisition-related accounting revisions and costs. Earnings per share were $0.33 per share, against $0.31 per share last year.

Cable Communications revenue was up 5% for the quarter to $9.3 billion,  lead by Business Services, which grew by almost 40% and now has an annual run rate of almost $2 billion, and High Speed Internet, which grew almost 10%. A closely watched metric, video subscriber losses, were 165,000 for the quarter, down from 275,000 in the same quarter last year.

NBCU revenue increased 4.6% in the quarter to $5.2 billion. After adjustments, operating cash flow was essentially flat.  Cable Networks and Theme Parks showed good growth, but Broadcast Television grew only 2.9% and Filmed Entertainment revenue was off 7.8%. Operating cash flow from Broadcast Television was only slightly positive after adjustments. Operating cash flow from Cable Communication was $3.7 billion, versus $1 billion for NBCU after adjustments.

Some other key points that came up during the conference call:

  • Comcast's IP-based Xcalibur platform, currently in test market in Augusta, GA, is expected to begin rollout to other areas early next year.
  • Brian Roberts spoke of Telemundo's recently secured (Spanish-language) World Cup rights as being a big win for that network, and something that Comcast can cross-promote over many of its platforms.
  • Super Bowl advertising inventory is 90% sold out.
  • The Docsis 3.0 and Digital conversions are essentially complete.
  • Business Services is expanding its efforts to reach larger accounts.
Comcast shares are essentially flat for the day.