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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.