Cable giant Comcast Corp. posted a 9% rise in Q1 profit.
Overall, Comcast posted net income of $943 million for the three months ended March 31. That’s a 9% gain compared to the same quarter a year ago. Revenue at the cable and programming behemoth rose almost 32% to $12.1 billion.
CBS’s earnings expanded sharply in the quarter thanks mostly to its network programming, as well as a new deal for the N.C.A.A. basketball tournament that made a losing property a profitable one.
The company’s chief executive, Leslie Moonves, announced that the company’s quarterly dividend would be doubled to 10 cents a share.
In its cable distribution unit, which includes its cable and high speed Internet businesses, Comcast’s revenue increased about 6% to $9.1 billion. The growth came even though Comcast’s number of cable subscribers fell from 23.5 million to 22.8 million.