Comcast (NASDAQ:CMCSA) reported strong first-quarter profits following its failed deal to take over Time Warner Cable (NYSE:TWC). The company also announced an annual repurchase authorization and major increase in its quarterly dividend.
Comcast reported revenue of $17.8 billion (81 cents a share), which beat analyst estimates. The company’s strong performance is an indicator that the Comcast’s position in the market is unchanged despite its failed deal for rival Time Warner Cable. The company’s quarterly dividend also increased 11% to 25 cents a share.
The cable company bought back $2 billion of stock in: the first quarter, which equates to 35.1 million shares. Comcast stated that its board of directors has also approved nearly a 60% increase in authorization for 2015 to $6.75 billion. CEO Brian L. Roberts stated that the company is off to great start in 2015, with 7.5% operating cash flow growth.
Comcast’s video subscription revenue is up 3% to $5.3 billion, and revenue from high speed internet is also up 10.7% to $3 billion. Internet subscribers are up, while video subscribers are holding steady. The company also saw increased revenue in its business service, which grew 20% to $1.1 billion.
Comcast shares were up almost 1% to $58.91 in early morning trading. In the last 12 months, shares have increased 13%.