Super Bowl ad revenue at NBC Universal and a big increase in cable broadband subscribers helped drive sharply higher profits at Comcast (NASDAQ:CMCSA).
First-quarter earnings spiked 30% to $1.224 billion, compared to $943 million during the same time last year, Comcast announced. The company reported EPS of 45 cents, up from 34 cents last year. Analysts had expected EPS of 42 cents, according to the Associated Press.
Despite the good news, Comcast shares fell more than 2% in early Wednesday trading.
Revenue also exceeded forecasts, coming in at $14.9 billion for the quarter, up 9.6% from 2011. Analysts had predicted $14.4 billion.
Strong growth at its NBC Universal division fueled Comcast’s results. NBC’s TV business saw revenue soar by 37%, largely due to Super Bowl advertising, but also because of improved general TV ad sales. Revenue from its movie business jumped 22% during the quarter.
The company’s cable TV service lost 37,000 subscribers, but still saw revenues grow 5.7% during the first quarter, while its Internet broadband service added 439,000 subscribers.
TV network and cable competitor Time Warner (NYSE:TWX) also beat Wall Street expectation with higher revenues and improved adjusted earnings for the first quarter.