Comcast 4Q sales up, profit down
Philadelphia cable giant Comcast Corp. reported a startling loss of 233,000 cable-TV subscribers in late 2008 from competition and a deepening recession, but the company remained highly profitable and boosted its yearly dividend 8 percent to 27 cents a share.
Philadelphia cable giant Comcast Corp. reported a startling loss of 233,000 cable-TV subscribers in late 2008 from competition and a deepening recession, but the company remained highly profitable and boosted its yearly dividend 8 percent to 27 cents a share.
The dividend increase appears to be a show of confidence in the business.
Competition from both Verizon Communications and AT&T Inc., which have invested billions to deliver cable TV into homes, is taking a bite out of Comcast's business. The company lost 575,000 cable-TV subscribers for the year.
Revenue at the company in the fourth quarter rose 9 percent to $8.8 billion, on growth in the high-speed Internet division and phone businesses.
Net income fell to $412 million from $602 million in the prior-year period. The company took a large non-cash charge for its investment into the Clearwire wireless joint venture because of the declining value of the stock in Clearwire.
Shares, which have ranged in price from $12.50 to $22.86 in the last 52 weeks, closed yesterday at $12.89 in Nasdaq trading, down 77 cents.
























