Comcast (Nasdaq: CMCSA) the number one U.S. cable provider, said its 4Q net profit tripled, thanks to considerable growth in the number of subscribers attracted its video, phone and high speed Internet offerings. Specifically, net profit jumped to $390 million, or 18 cents per share, from $133 million, or 6 cents per share a year earlier. Comcast also reported substantial 4Q revenue gains. Revenue for the quarter rose 30 percent from a year ago to $7.03 billion. Aside from attracting subscribers on its own, Comcast was also helped by the consolidation of cable assets acquired in the Adelphia-Time Warner transaction last July. Other highlights:
—Comcast experienced its strongest growth in video subscribers in over a decade, adding 110,000 new customers - nearly four times the what it reported a year ago.
—The Philadelphia-based company also signed up 613,000 digital video subscribers, added 508,000 digital phone customers and 488,000 high speed Internet subscribers.
—Looking ahead to the rest of the year, Comcast forecast revenue growth of at least 11 percent in 2007 and expects cable revenue growth of at least 12 percent.
As part of its earnings announcement, Comcast said it approved a three-for-two stock split in the form of a 50 percent stock dividend payable on Feb. 21. Earnings release | Webcast