Cable and entertainment company Comcast (CMCSA) - Get Comcast Corporation Class A Common Stock Report beat analyst earnings expectations as orders flooded in for high-speed internet service by people forced to work from home amid the coronavirus crisis.
Comcast's stock at last check fell 1.2% to $38.55 as the cable giant and owner of NBC Universal reported adjusted earnings per share of 71 cents, compared with 76 cents in the year-earlier period.
The latest figure beat the estimate of analysts surveyed by Zacks Investment Research, who had predicted 69 cents.
Comcast just missed the mark on revenue, weighing in at $26.61 billion, below the $26.87 billion predicted by analysts and a 0.9% drop from the first quarter of 2019, when it reported revenue of $26.86 billion.
As more people across the country worked from home amid the coronavirus lockdown, Comcast gained 477,000 new high-speed-internet customers, the best quarterly showing in 12 years.
Upstream traffic in its cable communications unit jumped by 33% since March 1, while wireless-data usage over WiFi surged 40%, the Philadelphia company reported in its first-quarter-earnings news release.
Comcast also reported that "total customer relationships" for its cable business grew by 371,000, for its best first quarter on record.
The massive disruptions to the global economy by the deadly virus took a toll on advertising, with revenue at NBCUniversal falling 7% from the first three months of 2019, to $7.73 billion.