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FILE PHOTO: The Comcast NBC logo is shown on a building in Los Angeles, California, U.S. June 13, 2018. REUTERS/Mike Blake/File Photo
(Reuters) – Comcast Corp reported first-quarter profit on Thursday that beat Wall Street estimates, boosted by strong additions of high-speed internet customers in a quarter that painted another mixed picture for the biggest U.S. cable provider.
Shares fell as much as 3 percent in premarket trading after the earnings report was published.
Overall revenue missed analyst estimates and Comcast lost more video and phone customers than expected. Revenue from its NBCUniversal cable networks, filmed entertainment and theme parks also fell short of expectations.
Like others in the cable television industry, Comcast is grappling with rival offerings from Alphabet Inc’s YouTube TV and subscription video services like Netflix Inc.
Earlier this week AT&T Inc and Verizon Communications Inc both reported losing more video customers than analysts expected.
Reporting by Helen Coster and Arjun Panchadar; Editing by Meredith Mazzilli and Steve Orlofsky
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