Comcast Profits Up 54%

This is not surprising….

PHILADELPHIA (AP) — Comcast Corp., the nation’s largest cable operator, reported a 54 percent increase in fourth-quarter profit on solid revenue gains as customers spent more for cable TV.

In a bow to the desires of agitated shareholders unhappy with its weakened stock price, Comcast also said it will start paying a 6.25-cent quarterly dividend starting at the end of April.

Moreover, the Philadelphia-based company is pledging that by the end of 2009, it will spend the remaining $6.9 billion it has allotted to buy back shares — in a bid to satisfy a growing chorus on Wall Street to step up its repurchases.

Shares jumped more than 7 percent, or $1.28, to $19.09 at the open of trading.

In the fourth quarter, Comcast reported a net income of $602 million, or 20 cents per share, compared with $390 million, or 13 cents, in the same period a year ago.

I know lots of people that have moved off Comcast to Verizon FIOS. I guess their profits are up because they keep raising their prices.


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