Investing.com - Comcast, the largest U.S. cable company, reported worse-than-expected fourth quarter earnings, despite beating on revenue figures, it said on Tuesday.
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Comcast said adjusted earnings per share came in at USD0.66 in the fourth quarter, below expectations for earnings of USD0.68 per share. The company’s fourth quarter revenue totaled USD16.93 billion, above forecasts for revenue of USD16.64 billion.
Comcast said it was boosting its stock buyback program to USD7.5 billion, with USD3 billion to be repurchased in 2014.
Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation, said, “Our optimism and confidence in the future is demonstrated by our decision to increase our dividend 15% and our plan to repurchase USD3 billion of our stock during 2014.”
Following the release of the report, Comcast shares jumped 3.6% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was mixed. The Dow Jones Industrial Average futures indicated a gain of 0.6% at the open, S&P 500 futures pointed to a rise of 0.45%, while Nasdaq 100 futures dipped 0.35% ahead of the open.