Comcast profit up 15% on better video subscription

Comcast’s second-quarter profit rose 15 percent, as it reduced its rate of video-subscriber losses, posted an increase in high-speed Internet customers, and boosted profit in its NBCU entertainment arm, thanks in part to a turnaround at its namesake broadcast network.

Overall, Comcast reported second-quarter profit of $1.99 billion, or 76 cents a share, up from $1.73 billion, or 65 cents a share, a year earlier. Excluding gains on sales- and acquisition-related items, adjusted profit for the latest quarter was 75 cents a share. Revenue grew 3.5 percent to $16.84 billion.

Analysts projected a per-share profit of 72 cents on $16.95 billion in revenue.

The company lost 144,000 video customers in the second quarter, compared with a loss of 162,000 customers a year ago, continuing a trend of improving video results.

In the fourth and first quarters, Comcast expanded its video-subscriber base for the first time after years of decline, although part of the increase in the first quarter was due to a change in how Comcast counts its customers.

The latest results come as Comcast is seeking to convince regulators in Washington to approve its $45 billion acquisition of Time Warner Cable, a deal that has stirred up enough worry in the industry to help spur other monster deals, including AT&T’s $49 billion pending acquisition of satellite-TV provider DirecTV and an offer, so far unsuccessful, by 21st Century Fox to buy Time Warner Inc.

Netflix and Dish Network have publicly opposed Comcast’s deal on grounds that it would give the company too much clout in the broadband marketplace, an assertion Comcast rejects.

The Federal Communications Commission this month officially opened the comment period for the public to weigh in on the deal, beginning an informal six-month clock before any possible resolution.