DirecTV 1Q net income nearly triples, revenue rises as satellite TV firm adds subscribers
By Deborah Yao, APThursday, May 6, 2010
DirecTV 1Q profit nearly triples as revenue rises
DirecTV says its net income nearly tripled in the first quarter as the nation’s largest satellite TV company added new video customers. The results beat Wall Street expectations.
The El Segundo, Calif., company added 100,000 net new U.S. subscribers in the quarter, less than the 460,000 last year.
But DirecTV is adding new video customers as cable companies continue to lose ground, and now serves 18.7 million U.S. subscribers.
DirecTV said Thursday its net income was $558 million, or 59 cents per share, in the quarter ended March 31. That’s up from $201 million, or 20 cents per share, a year ago.
It also beat analysts’ forecast for earnings of 45 cents a share.
It says revenue rose 14 percent to $5.6 billion. Analysts expected $5.4 billion.
