Cable and entertainment conglomerate Comcast reported an 11 percent increase in revenue for the third quarter on Tuesday. Comcast reported $18.7 billion in revenue in the third quarter. Comcast is currently the largest cable operator in the country. Comcast is also the owner of the NBCUniversal television and film group.
The company has experienced growth in its high-speed Internet and film businesses. Its NBCUniversal broadcast group and cable television group both recorded revenue gains. In Comcast’s NBCUniversal entertainment group, revenue increased 20.8 percent to nearly $7.2 billion during the quarter. During the period, revenue in Comcast’s cable group increased 6.3 percent, to $11.7 billion.
Its cable business reported the smallest third-quarter loss in video subscribers in nine years. The company lost 48,000 video subscribers during the quarter. It remains to be seen whether defections among subscribers accelerate during the third quarter. This year’s second quarter was the industry’s worst ever for pay TV subscriber losses. Comcast’s high-speed Internet group added 320,000 subscribers during the quarter.
Comcast’s chief executive Brian L. Roberts said that the company continued to grow by “giving consumers what they want.” Comcast is introducing a service called Stream for $15 a month that offers a bundle of broadcast networks and the premium cable network HBO without a broader cable package. NBCUniversal recently unveiled a new ad-free digital comedy streaming channel called Seeso that costs $4 a month.
Media stocks underwent a mass sell-off three months ago. Shares in many media companies have largely rebounded since then, but broader concerns remain. Steep ratings declines, weak advertising sales, and cord-cutting by customers who drop cable and satellite subscriptions are worrying investors. Some analysts are saying that Comcast’s third-quarter earnings provide a window into the broader health of the media business. Several other big media companies, including Walt Disney, 21st Century Fox and Time Warner, are scheduled to report earnings next week.