Comcast Has Broadband Bounce

Updated from 11:37 a.m.

Just a month after completing its latest big deal, Comcast (CMCSA) reported a mostly positive quarter Thursday.

Third-quarter cable revenue was on the light side for the big Philadelphia cable operator, but the company met or exceeded bottom-line and operational expectations.

Showing particular strength in the the addition of high-speed Internet customers, Comcast -- like fellow cable operator Cox (COX), which reported earlier this week -- appears untouched by competition from telcos in the broadband market, and is evidently bouncing back from seasonal weakness in the second quarter.

On a conference call with analysts Thursday morning, Comcast President Brian Roberts spoke proudly of the company's turnaround of systems acquired a year ago from AT&T (T), and crowed about the strong cable-modem performance. "In my opinion, the news of the quarter is high-speed data," he said.

Comcast's stock, which has risen from $21.85 to as high as $34.85 over the past year, dropped early Thursday, then partially recovered. On Thursday afternoon, the stock was trading at $33.61, down 24 cents.