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Comcast Shares Down Despite Doubled Q4 Profit

Comcast Corp. (CMCSA) shares were down about 2 percent on Tuesday despite reporting fourth-quarter earnings that more than doubled.

The nation’s largest cable operator bulked up its net income to $955 million from $412 million during the year-ago period thanks to thousands of new digital video and high-speed Internet subscribers. Comcast also showed gains from a one-time write down. Revenue hit $9.07 billion, beating Wall Street’s projections of $8.96 billion.

Still, Comcast shares had fallen 1.96 percent to $15.97 by 1 p.m. Eastern – the downward activity, though, was in line with the Dow and Nasdaq overall.

Comcast did lose 199,000 basic cable customers in 2009’s fourth quarter as households continued to cut their spending and as foreclosures continued to hit the economy, But it added 247,000 broadband users, up from 184,000, mostly thanks to a promotional campaign. The company also signed 410,000 digital video subscribers and 243,000 phone customers.

Meanwhile, Comcast is forging ahead with its massive M&A push. On Tuesday, VON.com got the exclusive scoop that Comcast is buying VoIP provider New Global Telecom, this after the CIMCO acquisition and the pending takeover of NBC-Universal.


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