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Submitted: February 2, 2007 - 9:17am
Last updated: February 21, 2008 - 5:41am
Last updated: February 21, 2008 - 5:41am
COMCAST PROFIT TRIPLES, SPENDING RAISES CONCERNS
[SOURCE: Reuters, AUTHOR: Yinka Adegoke]
Comcast Corp. said on Thursday its quarterly profit tripled, but higher-than-expected spending plans for 2007 dragged down shares of the largest U.S. cable company and its rivals. Chief Executive Brian Roberts said on an analysts call that most of the spending will be to accelerate the introduction of new products like high-definition video, and to boost its relatively new business of selling services to small and medium companies. Comcast reported its strongest growth in basic video subscribers in 10 years during the fourth quarter, adding 110,000 new customers. That beat the 54,000 additions forecast by Moffett who said the growth showed that triple play is pulling Comcast and other cable companies ahead of satellite TV rivals.
http://today.reuters.com/news/newsArticle.aspx?type=industryNews&storyID=2007-02-01T184025Z_01_WAA000061_RTRIDST_0_INDUSTRY-COMCAST-RESULTS-DC.XML
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