Comcast beats Street 2Q forecasts, revenue rises

  
Comcast beats Street 2Q forecasts, revenue rises
In this July 23, 2015, file photo, a man walks past the Comcast Building in New York. Comcast reports financial results Wednesday, July 27, 2016. (AP Photo/Mary Altaffer, File)

Comcast's second quarter was stronger than Wall Street had expected as the company narrowed the loss of video subscribers and revenue took off.


Shares rose more than 2 percent before the market opened Wednesday.

For the period ended June 30, Comcast Corp. earned $2.03 billion, or 83 cents per share. A year earlier the Philadelphia company earned $2.14 billion, or 84 cents per share.

That's a penny better than what analysts surveyed by Zacks Investment Research had forecast.

Revenue increased to $19.27 billion from $18.74 billion. Analysts polled by Zacks anticipated $19.04 billion in revenue.

Comcast lost 4,000 video customers, which was the best second-quarter number in more than a decade, according to the company.

At the same time, the company booked an increase in residential high-speed internet customers and small business customers. It added 220,000 high-speed internet customers in the period, the best performance for the quarter in eight years.

Explore further: Comcast 4Q net income jumps 18 percent