Cablevision the biggest US cable provider said that its Q3 profits fell as customers cut back television services amid a weak economy and the growth of online video content.
Net income at Comcast declined by 8.2 per cent to $867 million, down from $944 million, in the same period a year ago. “We are increasing the pace of innovation and new product introductions to our customers,” Brian Roberts, Comcast’s chief executive, said. “We believe this focus on consistently improving the customer experience and on driving profitable growth will further strengthen our competitive position.”
The company did increase revenues, which rose by 7.3 per cent to $9.5 billion. In spite of a 3.5 per cent decline in video customers, Comcast succeeded in attracting more customers to its high-speed internet and voice services, and signed more subscribers to high-end packages that combine these services.
Comcast said it saw strong advertising across its cable networks and that revenues at its programming division grew by 11.3 per cent to $1.3 billionn. It is continuing work towards integrating NBC Universal into its business and incurred $21 million in transaction costs related to that deal during the quarter.