Comcast profit drops on film sales, beats Wall Street estimates

By Malathi Nayak NEW YORK (Reuters) – Comcast Corp reported a 5 percent drop in quarterly earnings on Wednesday, hurt by lower film division sales, but managed to beat Wall Street expectations due to growth in its business services and high-speed internet units. The company also lost fewer pay-TV subscribers than expected and gave an optimistic outlook for television advertising during the upcoming Olympic Games in Rio de Janeiro. Second-quarter revenue rose 2.8 percent to $19.27 billion from a year earlier and slightly exceeded the analysts' average estimate of $18.99 billion, according to Thomson Reuters I/B/E/S. Net income fell to $2.03 billion, or 83 cents per share, from $2.14 billion, or 84 cents per share.

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