Comcast reported third-quarter profit that fell 54% from the same quarter last year to roughly $560 million, though revenue was up 21% to $7.78 billion. The company acknowledged that competition from telcos and satellite TV companies was having an effect, particularly as those firms have upped their marketing ante after Comcast originally took customers from them.
The cable TV giant's earnings paint a picture of what it's like for any telecom service provider these days: A tightening up of its core business, an influx of revenue and customers in its newest business (digital voice customer additions were 662,000, up 36% from last year), and an expected softening in the overall broadband access business (Comcast added 450,000 high-speed Internet customers, down 16% from last year). Whether telco or cable TV company, were seeing a similar story everywhere as companies post third-quarter earnings.
- Read this Associated Press report in The Washington Post
- Comcast has been strong in the voice market