Comcast Corp., the nation’s largest cable TV operator, on Thursday reported a 54 percent drop in third-quarter profits, noting it added fewer subscribers amid tough satellite and phone company competition.
Comcast earned $560 million, or 18 cents per share, in the three months ending Sept. 30, compared with $1.22 billion, or 38 cents, in the same quarter a year ago. Revenue grew by 21 percent to $7.78 billion, up from $6.43 billion a year ago.
To be fair, the third quarter decline reflected a comparison results from a year ago that included $669 million in one-time gains for Comcast's purchase of Adelphia's cable assets. The numbers also took into account a swap of cable systems with Time Warner Cable Inc.
Without those gains, Comcast’s profits would have risen by 2 percent from last year's $548 million in adjusted earnings.
The company’s stocks fell 9.85 percent to $21.50 during mid-day trading.
Comcast Corp. www.comcast.com
