Updated to include Wells Fargo comments and capex financials in 9th paragraph.
NEW YORK (TheStreet) -- Comcast (CMCSA) was gaining Monday as the largest U.S. cable provider reported an increase in TV subscribers in the fourth-quarter, its first in six years, boosting profits to $1.9 billion, or 72 cents a share.
In its December-ended fourth quarter, Philadelphia-based Comcast managed to increase cable video subscriptions for the first time in 26 quarters as it seeks to capitalize on the transition to net-based entertainment (think YouTube, Netflix (NFLX) and Hulu) over traditional TV networks. Over the quarter, Comcast gained 43,000 new video subscribers, compared to a loss of 129,000 in its third quarter.
Comcast, which also own NBC/Universal, was adding 1.6% to $53.32 in mid-afternoon trading.
Combined video, high-speed internet and voice customers increased 649,000, a 29% jump in net additions compared to the year-ago quarter. By year's end, customers in the segment totaled 53.1 million, 3.4% higher than in 2012, thanks to increased internet and voice subscribers and reduced video customer losses.
"Cable's operating metrics improved across video, high-speed Internet and voice for both the 4th quarter and full year, with a return to video subscriber growth in the 4th quarter," said CEO Brian L. Roberts in a statement.
Fourth-quarter consolidated revenue across all segments saw a 6.2% year-over-year increase to $16.93 billion, $301 million more than analysts surveyed by Thomson Reuters had expected. Similarly, full-year revenue of $64.66 billion beat consensus by $305 million and jumped 5.8% from fiscal 2012 (excluding artificially-high sales from the 2012 London Olympics and 2012 Super Bowl).