Comcast reports 5.4 percent increase, subscriber growth drops

large_comcast-cableToday, Philly’s cable giant is surely feeling Comcastic.

Despite poor economic conditions, Center City-based Comcast reported a 5.4 percent increase in net income in the first quarter of 2009 to $778 million, or 27 cents per share, according to financial results released today.

Cable network revenue has been well-off this quarter. Time Warner, Walt Disney and Viacom all reported stronger than expected quarterly profit, Reuters reported yesterday. Comcast beat analyst expectations by 4 cents per share.

Still, Comcast declined to provide a forecast for the upcoming year; Chief Financial Officer Michael Angelakis cautioned that the company is “conservative” about the use of its cash as the year progresses.

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