Comcast (NASDAQ:CMCSA) was optimistic last quarter about its performance in the troubled economy, and the recently announced Q1 results are proof that this optimism wasn’t entirely unfounded. Q1 revenues of $8.84 billion grew 5% over the year and beat the market’s expected $8.76 billion. EPS of $0.27 was higher than the Street’s expected $0.23 and grew 11% over the year.
By segment, Cable revenues grew 5.5% to $8.35 billion while Programming revenues fell 1% over the year. Besides adding nearly 549,000 customers to its voice, high-speed Internet, and business services subscriber base, the company also managed to grow revenue per customer by 8% to $115. However, Comcast continued to experience lower gross connect activity due to the weak economy and increasing video competition. The Programming division was hurt by an 8% fall in advertising revenues.