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Comcast Stock Climbs on Earnings Beat, TV Subs Fall

The company reported a decline in total video customers in the quarter.

Shares of Comcast  (CMCSA) - Get Comcast Corporation Class A Report were rising Thursday after the media company reported second-quarter results that were ahead of analyst estimates. 

The Philadelphia-based cable provider reported second-quarter earnings of 84 cents per share on revenue of $28.54 billion. Analysts were expecting the company to report earnings of 66 cents per share on revenue of $27.16 billion. 

"We remain committed to innovating for our customers and investing for a strong future. I have great confidence in our strategy and our ability to execute, which is reflected in our decision to restart our share repurchase program during the quarter, earlier than previously planned," said CEO Brian L. Roberts.

The company does continue to lose subscribers as customers cut the chord on their cable packages. Comcast has 18.9 million video customers, down from 20.3 million a year ago. 

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The company, which also provides broadband internet and telecom services, reported that total customer relationships increased by 294,000 to 33.8 million year over year. 

Shares of Comcast were rising 1.3% to $58.74 Thursday morning shortly after the opening bell. 

Comcast was in the news last month following a report that the company was considering a bid for ViacomCBS  (VIACA) - Get ViacomCBS Inc. Class A Report and Roku  (ROKU) - Get Roku, Inc. Class A Report

Comcast called the possibility "pure speculation."

Citing unnamed sources, The Wall Street Journal on Wednesday reported that Comcast CEO Brian Roberts has considered a transaction with ViacomCBS or an acquisition of Roku, though at the same time has made clear that Comcast doesn’t need to pursue a merger to grow its TV, movie and streaming portfolio.