Despite quarterly results largely in line with expectations, Comcast Corp.'s
stock fell more than 7 percent, or $2.51 per share, to $32.34 apiece Wednesday.
Wednesday morning, Comcast said revenue rose 9 percent in the quarter and
operating cash flow -- excluding a one-time charge -- rose 12 percent to $583
million, largely in synch with analysts' estimates.
But investors appeared to hone in on the fourth-quarter loss -- $321 million,
or 34 cents per share, compared with net income of $778.5 million (80 cents) in
the same period in 2000 -- caused by acquisition costs and related expenses.
The Philadelphia-based MSO reported adding 155,400 high-speed-data
subscribers in the period.
Digital-cable growth was down -- 213,000 additions, versus 243,000 in the
third quarter -- but Comcast said it was on track to add between 600,000 and
700,000 digital customers in 2002.
At its cable networks -- E! Entertainment Television, Comcast SportsNet, The
Golf Channel and Outdoor Life Network -- revenue rose 8.6 percent and operating
cash flow rose 9.7 percent.
'From my vantage point, this was a watershed year,' Comcast president Brian
Roberts told analysts during a conference call.
Comcast also restated 2002 guidance, expecting revenue to climb 10 percent to
12 percent and operating cash flow to rise between 12 percent and 14