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Media

Comcast (CMCSA): Cable On Steroids

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By Douglas A. McIntyre Updated Published
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Cammonopoly_wideweb__430x3250_2People can’t afford to go out, so they are getting their entertainment at home. At least the is the message embedded in the Comcast (CMCSA) third quarter earnings. The firm even upped its forecasts for future quarters.

Revenue was up 10% to $8.5 billion. Operating income was up 20% to $1.67 billion.

Comcast added 417,000 digital cable customers in the third quarter of 2008, compared to 503,000 in the same period one year ago. Year to date through September 30, 2008, Comcast added 1.2 million digital cable customers

The phone companies should be worried. Comcast added 382,000 high-speed Internet subscribers during the third quarter. Its penetration reached 30% of homes passed or 14.7 million customers.

Even worse for the telcos, the company added 483,000 VoIP customers during the third quarter and penetration reached 13% of homes passed or 6.1 million customers. Not a good day for Verizon (VZ) or AT&T (T)

Pay-per-view revenue was up 9%  People sitting on couches with no money to leave home.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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