Comcast gains with increase in internet usage and its higher profit margin
The company has dropped its pursuit of 21st Century Fox but is still eyeing Sky, as revenue from internet customers rises 9.3%
Bengalaru — On Thursday, Comcast reported a quarterly profit that beat Wall Street estimates as it added more high-speed internet customers, part of a push to diversify away from the shrinking US pay-TV market. Comcast, which dropped its pursuit of 21st Century Fox’s entertainment assets last week after a bidding war with Walt Disney, is still in the hunt to acquire a controlling stake in European pay-TV company Sky to expand internationally. Shares of Comcast were up 3.7% to $34.66 in morning trading after the results. CEO Brian Roberts told investors on a conference call that Comcast walked away from its bid for the Fox assets because it could not justify the escalating price. Sky posted double-digit earnings growth earlier on Thursday as it added another 500,000 customers, underscoring why Comcast is battling Fox to acquire a majority stake in the company. Comcast’s revenue from high-speed internet customers rose 9.3% to $4.26bn during the second quarter as it added 260,000 inter...
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