Comcast Corporation (NASDAQ: CMCSA) reported a 13% growth in earnings to $0.78 per share for the second quarter of 2019. Revenue grew 23.6% year-over-year to $26.89 billion. While the bottom line exceeded the analysts’ expectations, the top line was lower than the consensus estimates.
Wall Street had expected the cable communications company to earn $0.75 per share on revenue of $27.06 billion. Comcast stock was trading up about 1% in the pre-market trading session.
GAAP earnings decreased to $3.22 billion or $0.68 per share from $3.22 billion or $0.69 per share in the prior-year quarter. The revenue growth was aided by the increases in high-speed internet and business services revenue.
“Each of our businesses demonstrated healthy growth in adjusted EBITDA, contributing to a double-digit increase in adjusted earnings per share. Our company’s consistent, profitable growth is fueled by our leading scale in direct customer relationships and premier content,” said CEO Brian Roberts.
Cable Communications segment revenue increased by 3.9% to $14.45 billion. Total customer relationships increased 3.4% to 30.9 million, including net additions of 152,000 in the quarter. Revenue from high-speed Internet residential and business services grew 9.4% and 9.8%, respectively. Total high-speed Internet customers increased by 209,000.
Sky’s total customer relationships increased 4.4% year-over-year to 24 million, including net additions of 304,000 in the recently ended quarter.
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Early May, Comcast reported that it had closed the acquisition of WiFi service provider Deep Blue Communications. The company didn’t disclose the transaction value. This buyout is will help Comcast to enhance its footprint in the entertainment space.
On May 14, Walt Disney (NYSE: DIS) reported that it will assume the full control of Hulu from Comcast. As per the agreement, Comcast is guaranteed a payment of at least $5.8 billion.
Comcast stock, which reached a new 52-week high ($45.26) last Tuesday, has gained 32% so far this year and 34% in the past 12 months.