User Gains Goose Comcast

It cites record subscriber growth.
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Comcast (CMCSA) - Get Report blew away first-quarter targets, citing record subscriber gains.

The Philadelphia-based cable company made $837 million, or 26 cents a share, for the quarter ended March 31, up from the year-ago $466 million, or 15 cents a share. Revenue rose to $7.39 billion from $5.6 billion a year ago.

Analysts surveyed by Thomson Financial were looking for a 17-cent profit on sales of $7.36 billion.

"We are off to a fabulous start to the year and see increasing momentum as we move ahead," said CEO Brian Roberts. "Strong consumer demand for our superior products delivered through our Triple Play offering resulted in another quarter of record performance at our cable division -- and we are just getting started capitalizing on the Triple Play opportunity," he said, referring to the strategy of offering customers Internet, phone and television service on one bill.

"This was our third consecutive quarter of record-breaking

revenue-generating unit growth and the 27th consecutive quarter of double digit

operating cash flow growth," Roberts said. "We are highly confident that our strategy and focus on operational execution and product innovation will deliver great results in 2007 and beyond."

Revenue generating unit adds rose 63% from a year ago to 1.8 million, giving the company 52.6 million revenue-generating units at quarter-end.

Comcast added 644,000 digital cable users, 75,000 basic cable users and 563,000 high-speed Internet subscribers. It also tacked on 571,000 Comcast Digital Voice subs. Video revenue rose 8%, Internet 21% and phone 88%.

Comcast bought back $500 million worth of its own stock during the quarter. The company also reaffirmed previous 2007 guidance.