Olympics boosts Comcast in 3Q

NEW YORK (AP) — Comcast’s profit rose 12 percent in the July-September quarter thanks to the Olympics and the first third-quarter gains in video subscribers in a decade.

NBCUniversal CEO Steve Burke has said that the company made over $250 million in Rio as ad sales rose, even though Olympics ratings fell 16 percent in prime time on NBC from the London Olympics. Ratings were down 9 percent if viewers watching on NBCUniversal’s cable channels and digital were added.

The cable giant has been winning back video subscribers despite an overall drop in the number of people paying for traditional TV.

It credits that to customer-service improvements and its X1 cable box, which the company said helps retain customers. Subscribers who have X1 tend to spend more on DVRs and pay-per-view. Some 45 percent of Comcast’s video households have X1 now. Analysts also said it has been winning customers from some competitors like Dish and AT&T’s U-verse TV service, since the telecom giant is now focused on DirecTV instead.

In the third quarter, Comcast added 32,000 video customers, compared with a 48,000 loss a year ago. It gained 330,000 internet customers, compared with 320,000 a year ago. Phone customer additions fell to 2,000 from 17,000.

The Olympics broadcast in August gave a big boost to NBC and the company’s cable networks. Revenue rose 57 percent to $3.09 billion in the broadcast unit, which is NBC and Spanish-language Telemundo, and gained 22 percent to $2.94 billion at the cable-networks division, which includes MSNBC, Bravo and USA Network.

Revenue fell 8 percent in the movies division, which raked in cash last summer with the blockbusters “Jurassic World” and “Minions.”