Comcast misses on earnings, doubles high-speed Internet revenue

Comcast today reported consolidated revenues of $2.7 billion for the second quarter 2002, a 15.8% increase from the year before.

Consolidated net income from operations for the quarter, which excludes non-operating items and includes the effect of required accounting changes, was $140.3 million, or 15 center per diluted share, short of the 19-cent consensus estimate from First Call. Including all items, the company reported a consolidated net loss of $209.6 million or 22 cents per share.

During the quarter, the cable division added 128,400 high-speed Internet subscribers, giving the company a total of 1.169 million subscribers. Revenue from this service more than doubled year over year to $139.6 million.

Similarly, the company added 198,000 new digital cable boxes during the quarter, giving it a total of 2.737 million in service. The company upped its guidance for digital cable subscription additions for the year to between 700,000 and 800,000 from between 600,000 and 700,000.

--Toby Weber, Staff Writer