Comcast Corp.'s first-quarter earnings jumped nearly 30% as more customers signed up for high-speed Internet service. The Philadelphia cable giant also showed revenue growth in some unexpected units: its long-lagging NBC network and Universal Pictures.
For the quarter that ended March 31, the company's net income grew to $1.22 billion, or 45 cents a share, from $943 million, or 34 cents a share, a year earlier. Comcast — which generated consolidated revenue of $14.88 billion, an increase of 23% — beat analysts' estimates.
Comcast's cable group generated $9.6 billion in revenue, a 5.7% increase. Revenue from high-speed Internet service jumped 10%, in part the result of 439,000 new subscribers. NBCUniversal revenue was up 18% to $5.5 billion, partly from $259 million in Super Bowl advertising revenue.
Operating cash flow at NBCUniversal was $813 million, up 34.3% from the first quarter of 2011, which contained $92 million in costs related to winning federal government approval for Comcast's takeover of NBCUniversal.